Quant Manager Acrospire To Close As AUM Declines

Oct 10 2017 | 8:56pm ET

Chicago-based systematic investment manager Acrospire Investment Management is reportedly closing its doors and returning capital to clients after disappointing performance last year led to a rash of redemptions in its main fund. 

The company’s Global Strategy employs machine learning and artificial intelligence to find overlooked relationships between stocks and markets. It was launched in 2011 as a $15 million proprietary trading strategy within Robert Rotella’s Rotella Capital Management, and was spun out in 2013 as a stand-alone quantitative asset manager. 

The closure was first reported by Bloomberg on Tuesday, which cited a late September investor email. Acrospire’s assets under management reached a high of $350 million, the Bloomberg article reported, but losses of -1.8% in 2016 and a meager +0.8% in 2015 resulted in redemptions that brought AUM to $119 million by the end of August. 

The decision comes despite “good performance” so far in 2017, the article quoted CIO Boris Krupa as saying, noting that the reduced AUM essentially made it too difficult to continue operating. The fund’s remaining assets will reportedly be returned to investors by the end of the year. 

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