State Street will provide custody, transfer agency and fund administration services to Danish investment firm Maj Invest’s newly launched sinAl fund, a long-short equity fund.
The “stock market investing Artificial Intelligence” Fund (sinAI Fund), was launched in June in Luxembourg as a SICAV fund and currently has approximately $215 million in assets under management.
Carsten Hoegh, head of Investor Relations, Maj Invest said: “We think of sinAI as the second generation of quant models and our inflows are coming from large Danish pension funds that recognise 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 said that after a survey of European asset managers their quest for fresh ideas is driving a significant shift in approach.
“Maj Invest’s 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.”
