Canaccord Genuity makes strategic investment in AI-powered hedge fund Castle Ridge
Artificial Intelligence-powered hedge fund, Castle Ridge Asset Management Limited (Castle Ridge), has secured a strategic investment from Canaccord Genuity Group (Canaccord Genuity), a global financial services firm that specialises in wealth management and capital markets.
The investment will enable Castle Ridge to expand its distribution channel with Canaccord Genuity Wealth Management, which manages over USD60 billion in client assets in Canada, the UK & Europe and Australia.
Adrian de Valois-Franklin, CEO of Castle Ridge, says: "We are thrilled to be backed by an investor with such global reach. Together, we believe Castle Ridge represents the future of asset management. Our proprietary WALLACE AI platform constantly adapts to ever changing financial markets. WALLACE is the culmination of 20 years of experience of what works, and more importantly, what does not work when trying to apply Machine Learning techniques to the markets. As a result, we developed a completely new branch of self-evolving Artificial Intelligence called Geno-Synthetic Algorithms."
Dr Alex Bogdan, Chief Scientific Officer, adds: "Clients will gain access to a truly unique set of uncorrelated investment strategies driven by Castle Ridge's explainable and transparent AI. What really sets the system apart is the ability to spot market behavioural patterns that are hidden to human managers and traditional static systematic strategies."