AQR Capital Management Switches to Axioma for Portfolio Optimization
PortfolioPrecision Software Used for Hedge Fund Strategies
NEW YORK, August 5, 2004 - Axioma, Inc. today announced that AQR Capital Management, LLC, one of the nation’s leading hedge funds, has migrated to Axioma’s PortfolioPrecision® software to construct and rebalance its portfolios in a variety of investment vehicles. AQR had used a number of other optimization products for several years before switching to PortfolioPrecision because of its speed, ease of use, and the high level of service provided by Axioma’s staff.
"Axioma is fast and versatile with an intuitive API that we have easily incorporated into our quantitative investment framework,” said Ronen Israel, Vice President, AQR. “In addition to providing us with all of the basic building blocks for our portfolio construction process, Axioma's customer support gives us unlimited access to their management, research, and sales staff. The manner of Axioma's responses to our queries has made it clear to us that Axioma is driven by the specific needs of clients.”
AQR has had “extremely productive” discussions with Axioma's research staff concerning financial optimization, yielding “a great deal of insight,” Mr. Israel noted. “We look forward to continuing the rewarding relationship as a customer of Axioma's optimization software."
Sebastián Ceria, President & CEO of Axioma, said that AQR’s decision to switch to PortfolioPrecision software further validates the need for better financial optimization software in the market. “With Axioma’s advanced technology, investment managers can control risks more effectively than they could in the past,” Dr. Ceria added. “AQR, in fact, makes excellent use of PortfolioPrecision, crafting sophisticated investment strategies that unlock alpha while better managing risk.”
About AQR:
Founded in January 1998 by senior managers of the Quantitative Research Group at Goldman Sachs Asset Management, AQR manages in excess of $11.8 billion. It is based in New York City and employs 77 professionals.
About Axioma:
Axioma, Inc., headquartered in New York City, is a private company that develops, markets, and implements optimization modeling and decision support software for the financial services industry. The company was founded in 1998, and since then has helped leading financial firms reduce risk, increase returns and improve operational efficiency. PortfolioPrecision® software is an industry-leading portfolio construction and rebalancing application. “PortfolioPrecision” is a registered trademark of Axioma, Inc.
For more information about Axioma and decision-support solutions for the financial services industry, please call (800) 558-7983 or visit the company's Web site at www.axiomainc.com.
For further information, please contact:
John Mulqueen
Spring, O’Brien & Co.
(212) 620-7100 x229
Johnm@spring-obrien.com
