Qube Research & Technologies Limited
TypePrivately held company
IndustryInvestment management
PredecessorCredit Suisse Quantitative and Systematic Asset Management
Founded2016 (2016)
FounderPierre-Yves Morlat
Laurent Laizet
Headquarters
London
,
United Kingdom
Key people
Pierre-Yves Morlat (CEO)
Laurent Laizet (CIO)
ProductsHedge funds
Quantitative finance
AUMUS$12 billion (May 2023)
Number of employees
600 (2023)
ParentTrident Capital Holdings
Websitewww.qube-rt.com
Footnotes / references
[1]

Qube Research & Technologies (Qube) is a global quantitative investment management firm headquartered in London with additional offices in Europe and Asia.

Background

In late 2016, the Qube Fund was formed and managed by Credit Suisse's Quantitative and Systematic Asset Management unit in London. The fund used computer models to trade stocks and was staffed by proprietary traders. In 2017, it was announced that the fund would be spun off from Credit Suisse due to regulations like the Volcker Rule which restricted banks from performing proprietary trading activities. In 2018, its management team led a management buyout resulting in the unit to become an independent entity and was renamed to Qube Research & Technologies.[1][2][3][4]

According to accounts released by Qube in 2017, it had 87 employees and paid them an average of £323,000 while in 2018, it had 92 employees and paid them an average of £257,000 which was a decline of 21%. At the same time, its costs of data and technology rose 30%, from £19 million to £25 million.[5] In 2022, it paid £272 million in wages and related benefits to 343 employees.[6]

In February 2023, Qube stated it planned to hand over some of its capital to be managed by external parties.[1][7]

On 17 November 2023, according to a FCA filing, Qube had taken a £670 million short position against HSBC. It occurred after HSBC reported a decline in Q3 profit and the position equated to 0.57% of HSBC's market capitalisation making it one of the biggest short positions against a big four UK bank. However Qube later stated that the FCA filing was made erroneously due to a technical issue and it held no short position against HSBC.[6][8]

References

  1. 1 2 3 "Hedge Fund That Traces Roots to Credit Suisse Plans to Hand Cash to External Managers". Bloomberg.com. 10 February 2023.
  2. ↑ "Credit Suisse to Start Quant Funds in Asset Management Push". Bloomberg.com. 18 October 2016. Retrieved 13 May 2023.
  3. ↑ "Credit Suisse Plans to Spin Out a $1 Billion Quant Hedge Fund". Bloomberg.com. 1 August 2017. Retrieved 13 May 2023.
  4. ↑ KIRAKOSIAN, MARGARYTA (2 August 2017). "Credit Suisse $1bn quant hedge fund to split from AM business". citywire.com. Retrieved 13 May 2023.
  5. ↑ Butcher, Sarah (2 October 2019). "Quant hedge funds crimp pay as data costs rise". eFinancialCareers.
  6. 1 2 Morris, Stephen; Mourselas, Costas (17 November 2023). "Hedge fund Qube denies making £670mn short bet against HSBC". Financial Times. Retrieved 21 November 2023.
  7. ↑ "Credit Suisse spin-out Qube to make big cash allocation to external managers". Hedgeweek. 13 February 2023.
  8. ↑ White, Lawrence (17 November 2023). "Hedge fund Qube blames 'technical issue' for erroneous filing on HSBC shares". Reuters. Retrieved 21 November 2023.
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