Founded in 1998, AQR Capital Management is an investment management firm employing a disciplined multi-asset, global research process. The co-founders, Cliff Asness, John Liew, Bob Krail and David Kabiller previously managed both traditional (managed relative to a benchmark) and non-traditional (managed seeking absolute returns) mandates at Goldman Sachs. The principals formed AQR to build upon the success achieved at GSAM while enabling key professionals to devote a greater portion of their time to research and investment product development.
AQR is based in Greenwich, Connecticut and manages assets for some of the largest institutional investors from the United States, Europe and Asia.
Clifford S. Asness, Ph.D., Managing and Founding Principal
Prior to co-founding AQR Capital Management, Cliff was at Goldman, Sachs & Co. where he was a Managing Director and Director of Quantitative Research for the Asset Management Division. Cliff and his team were responsible for building quantitative models to add value in global equity, fixed income and currency markets. Cliff has authored articles on many financial topics. He’s on the editorial board of the Journal of Portfolio Management and the Financial Analysts Journal, the governing board of the Courant Institute of Mathematical Finance at NYU, Co-head of the Leadership Council of the Robin Hood Foundation, and on the Board of the International Rescue Committee. Cliff received a BS in Economics from the Wharton School and a BS in Engineering from the Moore School of Electrical Engineering, both graduating summa cum laude at the University of Pennsylvania. He received an MBA with high honors and a PhD in Finance from the University of Chicago.
Jacques A. Friedman, Principal
Jacques joined AQR Capital Management at its inception in 1998. He’s Co-Head and a founding member of the Global Stock Selection team, which is responsible for managing all AQR's equity strategies. Prior to this, Jacques worked at Goldman, Sachs & Co. as an Associate in the Asset Management Division's Quantitative Equity Group. He was a member of the portfolio management team, developing and researching quantitative stock selection strategies, and used to manage over $10 billion in institutional separate accounts and retail mutual funds. Prior to joining Goldman, Jacques was in the PhD program in Applied Mathematics at the University of Washington, where his research interests ranged from mathematical physics to quantitative methods for sports handicapping. He received an MS in Applied Mathematics from the University of Washington and a BS in Applied Mathematics from Brown University.
Ronen Israel, Principal
Ronen joined AQR Capital Management in 1999 and is a member of the Global Stock Selection team, which is responsible for managing all of AQR's equity strategies. Prior to joining AQR, Ronen was a Senior Analyst at Quantitative Financial Strategies, Inc., a quantitative investment management firm, specialising in currencies and global macro strategies. Before that, he worked as a management consultant, focusing in building out financial systems for financial services firms. Ronen received an MA in Mathematics, specialising in mathematical finance, from Columbia University, a BS in Economics from The Wharton School at the University of Pennsylvania ,and a BAS in Biomedical Science from the School of Engineering and Applied Science at the University of Pennsylvania.
Oktay Kurbanov, Principal
Oktay joined AQR Capital Management at its inception in 1998 as a founding member of the Global Asset Allocation team, which focuses on macro related strategies, portfolio management, research and infrastructure. Prior to this, Oktay worked at Goldman, Sachs & Co. as an Analyst in the Asset Management Division’s Quantitative Research Group. He was one of the assistant portfolio managers for asset allocation accounts managed versus various benchmarks, including global strategic partners mandates. In addition, Oktay co-developed the financial modeling code used to research and implement quantitative trading strategies. Oktay received a BS in Physics and Mathematics from the University of Michigan, and an MBA degree with concentration in finance and statistics from the Stern School of Business at New York University.
AQR is a specialist quantitative manager who focuses on global equities and alternatives. It has a good management structure, headed by a large, stable and experienced investment team. Cliff Asness is a well-respected industry figure and we like the strong ownership structure and alignment with investors. The strong depth of resources enables emphasis to be placed on future research, model development and enhancement.