New York and Boston - Investor Steve
Cohen, his venture capital arm Point72 Ventures, and Quantopian
have announced an agreement for Quantopian to manage up to $250
million of investment capital provided by Mr. Cohen.
Investment algorithms created on Quantopian's free platform by its 85,000 members will be used to manage the funds from Mr. Cohen. Each author of a selected algorithm will receive a royalty based on the performance of his or her strategy.
John Fawcett, CEO of Quantopian.said: "These funds will permit
Quantopian to make larger allocations and therefore pay larger
royalties to authors of profitable algorithms."
Mr. Cohen's commitment, a portion of which is contingent on Quantopian meeting certain performance metrics, represents the first major commitment of funds for Quantopian to manage using its members' algorithms.