Bloomberg Businessweek

Coming for Your Trading Desk

Money managers are expensive and getting easier to replace

Rishi Ganti used to help manage the personal fortunes of hedge fund founders David Siegel and John Overdeck, whose quantitatively driven strategies turned them into billionaires. Ganti, 45, says he’s glimpsed the future of his industry. A wave of coders writing self-teaching algorithms has descended on the financial world, and it doesn’t look good for most of the money managers who’ve long been envied for their multimillion-dollar bonuses.

On a cold spring day, Ganti, clad in a gray hoodie, takes quick sips of Earl Grey tea at a bakery in Manhattan’s Tribeca neighborhood and explains that many of his peers don’t yet realize their careers

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek2 min read
BW Talks Imran Khan
The co-founder of e-commerce startup Verishop Inc. says he’s betting the online shopping market still has room for high-end but relatively affordable tastemakers that can survive the wrath of Jeff Bezos.
Bloomberg Businessweek5 min read
How Nike Started a Sneaker Arms Race
Its high-tech running shoe, used to break two marathon records, raises concerns that technology may have trumped ability
Bloomberg Businessweek12 min readPolitics
‘Trade Wars Are Good, and Easy to Win’
It started with a carefully calibrated trade weapon, an algorithm that spat out a list of targets for an assault on China ordered up by a U.S. president determined to rebalance the relationship between the world’s two biggest economies. The goal: bui