Artificial intelligence hedge fund Castle Ridge Asset Management has hired a former managing director at JPMorgan Chase & Co. to lead its expansion in the U.S.
The Toronto-based firm announced on the evening of June 4 that Edwin Li, who previously worked in JPMorgan's equity trading business, will join its New York office as a managing partner. Li was most recently the bank's head of corporate equity derivatives and cash trading in New York.
“He has a strong background in quant,” de Valois-Franklin said. “He’s got the right background to understand the machine learning and artificial intelligence side, as well as the complex structured products.”
It also helped, according to de Valois-Franklin, that the two had known each other for a while.
“I’ve known Edwin for quite a few years,” de Valois-Franklin said. “He’s been following what we’re doing at Castle Ridge. He’s been seeing the momentum among institutional investors.”
In terms of what’s coming next for Castle Ridge, de Valois-Franklin said the group is focused on growing in the institutional investment arena.
“We’re working with some of the major U.S. banks to launch additional products,” he said, noting that fixed income and global equities are among the markets where WALLACE is being tested.