Chief Executive Officer
(Previously not ranked)
When Manoj Narang launched Tradeworx in
February 1999, he envisioned bringing to the masses the same
advanced quantitative finance techniques he had learned in a
series of technology and trading jobs on Wall Street. But when
the dot-com bubble burst the following year, funding dried up,
and Narang had to reinvent his Red Bank, New Jerseybased
company. Our business model became: Build quantitative
models and trade them rather than build quantitative models and
use them to design tools for other people, says the CEO,
44, who was born in India, grew up in Edison, New Jersey, and
earned a BS in math and computer science from the Massachusetts
Institute of Technology. In 2003, Tradeworx introduced a
successful market-neutral quantitative equity hedge fund.
Despite the funds double-digit annual gains, investors
fled after Lehman Brothers Holdings collapse in September
2008, and Narang was forced to reinvent his company again. This
time a proprietary trading firm,
Tradeworx introduced computer-driven high frequency
strategies that could make sizable returns on just a few
million dollars in capital. In 2008, Narang started Thesys
Technologies to commercialize the underlying technology. More
than 300 million shares a day now go through the Thesys
platform. Clients include other high frequency trading firms,
banks, broker-dealers, exchanges, hedge funds and regulators.
Rather than hoard our technology, we seek to
commercialize it as widely as possible, even if that results in
a decline in trading revenue for us, Narang says.
So far it hasnt.