The massive hedge fund betting on AI
As chief executive officer of one of the world’s largest hedge funds, Luke Ellis
prides himself on a healthy appetite for risk. “My job,” he says, “is to not blink.”
About five years ago, he did, though—in a big way. What spooked him was an
experiment at his firm, Man Group Plc. Engineers at the company’s technology-centric AHL unit had been
dabbling with artificial
intelligence—a buzzy, albeit
not widely used, technology
at the time. The system they
built evolved autonomously,
strategies humans had missed.
The results were startlingly
good, and now Ellis and fellow
executives needed to figure out
their next move.