Quantopian: A New Model for Active Management

Sara  Fleiss; Adi   Sunderam; Luis M. Viceira; Caitlin  Carmichael

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Case | HBS Case Collection | October 2017

Quantopian: A New Model for Active Management

by Sara Fleiss, Adi Sunderam, Luis M. Viceira and Caitlin Carmichael

Keywords: big data; hedge fund; crowdsourcing; investment fund; quantitative hedge fun; algorithmic data;

Language: English

Format: Print

21 pages

Educators Purchase

Citation:

Fleiss, Sara, Adi Sunderam, Luis M. Viceira, and Caitlin Carmichael. "Quantopian: A New Model for Active Management." Harvard Business School Case 218-046, October 2017.

About the Authors

Sara L. Fleiss

Senior Lecturer of Business Administration

Finance

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Adi Sunderam

Marvin Bower Associate Professor

Finance

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Luis M. Viceira

George E. Bates Professor
Senior Associate Dean, Executive Education

Finance

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More from these Authors

Case | HBS Case Collection | January 2019 (Revised March 2020)

Blackstone Alternative Asset Management in 2018

Emil Siriwardane, Luis M. Viceira and Shawn O'Brien

In early 2018, Blackstone announced that John McCormick would succeed Tom Hill as President and Chief Executive Officer of Blackstone Alternative Asset Management (BAAM), the largest fund-of-hedge funds in the world by a sizeable margin. As new CEO, McCormick must decide on strategic growth options for the firm as its traditional FOF business is maturing and growth in its nearly $80 billion in assets under management (AUM) is plateauing. In the recent past, BAAM had expanded into other investing businesses, making direct investments, seeding early-stage hedge funds, taking general partner stakes in investment management firms, and offering alternative investment products to retail investors. To determine the appropriate path forward, McCormick must assess whether BAAM has a competitive edge in each of these platforms, as well as if further expansion could create internal conflicts of interest within BAAM and, more broadly, Blackstone.

Keywords: Asset Management; Expansion; Strategy; Decision Choices and Conditions; Financial Services Industry;

Citation:
Siriwardane, Emil, Luis M. Viceira, and Shawn O'Brien. "Blackstone Alternative Asset Management in 2018." Harvard Business School Case 219-063, January 2019. (Revised March 2020.) View Details

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Teaching Note | HBS Case Collection | January 2019 (Revised March 2020)

Blackstone Alternative Asset Management in 2018

Emil Siriwardane and Luis M. Viceira

Citation:
Siriwardane, Emil, and Luis M. Viceira. "Blackstone Alternative Asset Management in 2018." Harvard Business School Teaching Note 219-092, January 2019. (Revised March 2020.) View Details

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Article | Journal of Financial Economics | March 2020

Do Fire Sales Create Externalities?

Sergey Chernenko and Adi Sunderam

We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate inflows and outflows. As a result, stocks held by these funds have lower volatility, and flows out of these funds have smaller spillover effects on other funds holding the same securities. Our results provide evidence of meaningful fire sale externalities in the mutual fund industry.

Keywords: fire sales; externalities; Investment Funds; Price; Financial Liquidity; Management;

Citation:
Chernenko, Sergey, and Adi Sunderam. "Do Fire Sales Create Externalities?" Journal of Financial Economics 135, no. 3 (March 2020): 602–628. View Details

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Quantopian: A New Model for Active Management

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