Goldman Sachs is taking aim at the world’s biggest quant hedge funds.
The investment bank recently approved a three-year plan to spend more than $100 million to overhaul its stock trading platform, according to Mike Blum, a Goldman partner and chief technology officer of electronic trading.
The project, named Atlas after the Greek God, is meant to accelerate the shift Goldman has been making since realizing in 2014 it was falling behind in Wall Street’s equities technological arms race. Huge quant funds like Renaissance Technologies and Two Sigma are among the most demanding of clients from a technology perspective, and competitors including Morgan Stanley and J.P. Morgan have been jockeying to serve these money managers.
Comments are closed.