State Street will provide custody, transfer agency and Luxemburg fund administration services to Danish investment firm Maj Invests newly launched stock market investing Artificial Intelligence Fund (sinAI Fund).
The long-short equity fund launched in June in Luxembourg as a SICAV fund and currently has approximately $215 million in assets under management. All investments in the fund are made using a sophisticated proprietary AI system that selects long as well as short positions in the US equity market. The system ranks these potential opportunities according to their risk-reward profiles.
Carsten Hoegh, head of Investor Relations, Maj Invest commented, We think of sinAI as the second generation of quant models and our inflows are coming from large Danish pension funds that recognize this strategy as an important development in quant investing. As global leaders in hedge fund administration we are delighted to have the support of State Street as our custodian and administrative agent for this fund.
Simone Vroegop, vice president of business development for State Street Global Services, commented, Maj Invests use of second generation quant investing is a great example of an asset manager incorporating a new investment style, and we are delighted to support them with a range of investment services.
(JDC)