State Street to support new Maj Invest fund
State Street will provide custody, transfer agency and Luxemburg fund administration services to Danish investment firm Maj Invest’s sinAl (stock market investing Artificial Intelligence) fund, a long-short equity fund.
The sinAI fund launched as a Luxemburg Sicav, and currently has some $215m under management.
Investments made by the fund are based on use of a proprietary artificial intelligence system, which selects long and short positions in the US equity market.
Carsten Hoegh, head of Investor Relations, Maj Invest said: “We think of sinAI as the second generation of quant models and our inflows are coming from large Danish pension funds that recognise this strategy as an important development in quant investing.”
Simone Vroegop, vice president of business development for State Street Global Services, commented, “In a State Street survey of European asset managers conducted by the Economist Intelligence Unit earlier this year, the findings highlighted the strategies asset managers are seeking in order to navigate the new financial environment, and their quest for fresh ideas is driving a significant shift in approach. Maj Invest’s use of second generation quant investing is a great example of an asset manager incorporating a new investment style.”