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Alternative Market Briefing

Catana’s Big Data fund undergoes glitches, founder to take up CEO role

Monday, October 17, 2016

Benedicte Gravrand, Opalesque Geneva for New Managers:

When German fund manager Catana Capital launched its Big Data fund on 30 June, it broke into unfamiliar territory - for the fund management industry at least. The fund invests exclusively on independent trading signals generated from Big Data analysis, combined with artificial intelligence algorithms.

But it has had its birth pangs. The fund was down -3.9% in July-September, while the DAX index lost -0.8%.

"The reasons for Catana’s negative performance within the last three months are identified, addressed and have been already sorted out to a large degree," says the company in its latest report to investors.

But just to make sure the sorting out is all done well, Catana’s founding partner Bastian Lechner, who is currently head of business strategy at Commerzbank, will join his firm as a full-time CEO as from December (subject to regulatory approval). The current CEO and CRO is Holger Knauer, who was formerly a risk manager at €1.8bn Celios Investment and its predecessor Prisma Investment AG.

The firm attributes the negative performance to two system properties; "These two settings caused the system to interfere with the overall direction of the alpha-signal and close DAX index position too early." The programmers knew i......................

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