- Business Development
- CNH Partners
- Global Trading
- Human Resources
- Portfolio Finance
- Portfolio Implementation
- Risk Management
The Business Development group is primarily responsible for managing existing client relations, identifying and attracting new investors to AQR, and then managing those relationships on an on-going basis. The group includes members with a variety of backgrounds, including institutional money management, academic finance and investment consulting. This breadth of skills allows group members to provide prospects and clients not only with information on AQR as a business, but also detailed insight into investment process and implementation, current portfolio positioning and developments on the research front.
An affiliate of AQR, CNH Partners focuses on portfolio management and research and development of arbitrage related strategies. Separate strategies managed by CNH are merger arbitrage, convertible arbitrage and diversified opportunities. CNH also sub-advises sleeves of AQR’s multi-strategy hedge funds that employ the same strategies.
AQR’s Compliance team is responsible for ensuring the firm’s adherence to not only its legal, regulatory and fiduciary requirements, but also to the high ethical standards expected from all of its employees. The team oversees the development of policies and procedures, training and continuing compliance education, risk identification and guidance to business and operational units. AQR’s Compliance team reinforces the firm’s commitment to a culture of compliance in a dynamic legal and regulatory environment.
The Engineering team, which comprises 27% of the firm's employees,* intersects with everything we do at AQR. Our engineers work side by side with portfolio managers at every stage, from signal inception through trade execution, to build solutions that both fuel the business today as well as evolve and scale for tomorrow. Our engineers help us to communicate performance through world-class data visualization and reporting. They are also responsible for designing the systems and processes that power the firm’s operations and support risk management and reporting. The team also sources and maintains the data used throughout the firm and provides the tools that we use every day, from communications technology to co-location, cloud storage, and security. AQR engineers are exposed to the entire lifecycle of a software product, from cradle to grave. (*as of February 2018)
The Facilities team provides services that are critical to the well-being of the firm, including building and vendor management, security and contingency planning, space and construction management, facilities and amenities, and reception and administrative support.
The Finance team is responsible for the maintenance of the financial records of the corporate entities of AQR. Their responsibilities include Payroll, Accounts Payable, Treasury, Accounts Receivable, Internal and External Financial and Regulatory Reporting, Procurement and Tax. This team also maintains relationships with vendors, clients, banks and various other counterparties of AQR.
The Global Trading Strategies team is responsible for efficient trade execution of AQR’s investment strategies. The team is comprised of traders, trading assistants, trading infrastructure and trading algorithm developers, as well as market microstructure and short-term signal researchers. The team designs and develops algorithmic trading methodologies in many asset classes globally. The team also performs transaction cost analysis on the many markets that the firm trades in, which feeds the transaction cost forecasting models for AQR’s investment strategies. Working in conjunction with Portfolio Management, Research, Operations, Legal and Credit, the Trading group seeks to develop and maintain an effective and scalable trade execution platform for all of the portfolios that AQR manages.
Human Resources leads the firmwide effort to attract, retain, reward and develop top talent. The team partners with each of the firm's businesses to provide a full range of services including: workforce planning and recruiting, best practices to engage and reward employees, designing competitive pay and benefit plans, and employee promotion and development. In addition, HR serves as an advisor to management, creates programming to foster employee connectivity and firm culture, and oversees QUANTA, the firm’s signature learning and development curriculum for employees.
The Legal team works as an internal adviser providing oversight and counsel across all departments within the firm. The team is responsible for monitoring both new laws and changes to existing laws, and for providing guidance and advice on many business issues. The team is also involved in the negotiation of contracts and the structuring of new products related to new lines of business.
The Marketing team, which is part of Business Development, is responsible for brand management, corporate communications, digital strategy, design and signature events for the firm. Its goal is to raise the firm’s visibility and obtain and retain clients, using a global communications platform to address all investment strategies, regions and client channels. The Marketing team seeks to deliver the most effective, innovative and scalable ways to express the traits that set AQR apart: its close ties to leading academic institutions, investment capabilities, client solutions and industry expertise.
Operations is responsible for supporting the various trading, investment and reporting activities of the firm. The core mission of the Operations team is to establish scalable investment workflows, ensure a controlled operating environment and deliver high-quality service to both internal and external clients. The team also assists with the design and implementation of firm-wide projects, operational due diligence, counterparty management and client-related activities.
The Portfolio Financing team manages the firm’s financing relationships, the structure of its portfolio financing and the oversight of its costs. It also develops new financing sources.
The Portfolio Implementation team is responsible for the construction, optimization and management of AQR’s global portfolios. The team works closely with researchers to bring to market new systematic investment strategies and refine existing ones, applying a practical understanding of markets to portfolio implementation decisions. They also manage portfolios across a broad range of investment mandates and asset classes in a collaborative and intellectually stimulating environment. The team oversees all portfolio level activities and manages the launch of new investment mandates, coordinating across senior portfolio managers, client relationship managers and key functional groups.
Research analysts participate in a variety of integral business functions, including research, data analysis, portfolio optimization, risk management and programming. Analysts gain hands-on experience in quantitative research as well as the opportunity to become familiar with quantitative asset management and the investment philosophy that drives AQR. Our Research group has three teams: Global Alternative Premia (GAP), Global Asset Allocation (GAA), and Global Stock Selection (GSS). The GAP team is responsible for research and portfolio implementation of the firm’s alternative risk premia multi-strategies. GAP researchers, a number of whom are world-renowned academics in the field of style premia, are responsible for improving and developing investment processes by identifying new factors and enhancing the tools used to measure existing factors. The GAA team primarily focuses on portfolio management and research related to macro trading strategies, including country and currency selection strategies, fixed income arbitrage strategies, commodities strategies and credit strategies. The team is responsible for the management of a number of AQR's hedge funds, as well as the overlay portion of AQR's many international and global equity mandates. The GSS team is responsible for the portfolio management and research of AQR’s strategies relating to individual equities and equity related securities. GSS models are applied to market-neutral long/short portfolios in AQR hedge funds, as well as to long-only, relaxed-constraint and low volatility portfolios for institutional equity mandates and mutual funds.
The Risk Management team monitors and manages market, credit, liquidity, model and funding risk exposures of firm-managed investments. The team performs a wide range of primary and macro-driven research, including stress testing, scenario analysis, and hedging methodologies. The team works closely with the firm’s portfolio managers covering macro, equity, credit and derivatives markets in order to holistically manage the firm’s risks.