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Winton Group

December 15, 2023

Winton Group, Ltd (which includes Winton Capital Management) is a British investment management firm founded by David Harding. In the United States, Winton is registered with the Securities and Exchange Commission as an investment advisor and with the Commodity Futures Trading Commission as a CTA, and is authorised by the Financial Conduct Authority in the UK. The company trades on more than 100 global futures markets in a wide variety of asset classes and on global equity markets. The firm was launched with $1.6 million in 1997,[3][4] reached a peak of $28.5 billion in assets under advisement,[5] before dropping to $7.3 billion by late 2020.[6] Winton Group has six offices around the world: London, New York, Hong Kong, Shanghai, Sydney, and Abu Dhabi.[7]

Winton Group, Ltd
TypePrivate
IndustryHedge fund
FoundedFebruary 1997; 26 years ago (1997-02)
FounderDavid Harding
Headquarters
London
,
England
Revenue£265 million (2017)
£267 million (2016)[1]
AUMUS$ 10 billion
(as of late 2023)[2]
Number of employees
175
Websitewww.winton.com

History edit

Early years edit

In 1996, physicist and investment manager David Harding left Man AHL (formerly Adam, Harding and Lueck), a systematic managed futures fund and created Winton.[8][9] Using Harding's middle name,[10] the firm began trading in October 1997.[11] Winton employs statisticians, engineers and physicists, to pursue investment strategies based on scientific research and analysis.[12] According to Harding, Winton had difficulty attracting clients as a commodity trading advisor (CTA), because investors preferred hedge fund strategies that focused on the equity market rather than futures contracts.[10] However, using fees that were different from industry standards, the firm was able to secure investors.[10][13]

Company milestones edit

  • In 2005, the firm launched the Winton Evolution Fund, which was designed as a multi-strategy fund investing in a variety of financial instruments and securities.[8][12]
  • In July 2007, Petershill Fund, a private equity fund set up by Goldman Sachs Asset Management International, acquired a 9.99% stake in Winton.[14][15]
  • In 2007, Winton was ranked as the third largest CTA by the industry journal Absolute Return.[8]
  • In 2007 it became founding member of the Hedge Fund Standards Board, which sets a voluntary code of standard of best practice endorsed by its members.[16]
  • In 2008, Winton was named Real Business's "most profitable" company[17] and was ranked the third largest private finance company in Britain by The Daily Telegraph.[18]
  • In late 2008, the company opened offices in Hong Kong, their first outside of the UK.[19]
  • In 2010, the company launched the Winton Global Equity Fund which received UCITS approval in Europe.
  • In September 2012, Winton became research consultants with Fortune SG Fund Management of Shanghai to help develop China's first managed futures fund.[20][21]
  • In 2013, media coverage reported that the firm's founder had paid nearly £521 million in British taxes since 2006, including £133 million in 2011 alone.[22]
  • In 2014 the company opened offices in New York,[23] Sydney,[24] and Tokyo.[25] Shanghai offices followed in 2015.[25]
  • In 2016, Winton's San Francisco office opened.[26]
  • Also in 2016, Petershill Fund sold its stake in Winton to Affiliated Managers Group, and Winton changed the name of its holding company from Winton Capital Management to Winton Group.[27][28]
  • In 2018, Hivemind Technologies Ltd., a software company that specialises in creating structured data, spun out from Winton.[29]

Organization edit

Operations edit

David Harding is the company's founder and chief executive officer.[3] Approximately 70% of the firm's employees own shares or share options in the company.[14] Winton employs approximately 175 staff members.[4]

More than 100 of the firm's employees are academics doing mathematical research[14] and studying statistical relationships and trading patterns.[13] These specialists are organized into research teams, which peer review and test new strategies, gather data and identify trends.[11] While quant hedge funds broadly have struggled for several years just following the 2008 financial crisis, Winton remains a top recruit of quantitative minds.[30]

The majority of the firm's clients reside outside the UK and many are from the United States.[8][9]

Investment strategy edit

Since its inception, Winton has traded as a commodity trading advisor (CTA). It is regulated by the Commodity Futures Trading Commission as a CTA[10] and by the Financial Conduct Authority in the UK. Winton is also registered with the U.S. Securities and Exchange Commission as an investment advisor.[31]

The firm refers to itself as a "modern investment management company"[32] and employs managed futures strategies using data analysis and modelling to follow trends in global futures markets such as commodities and bonds.[33] After establishing the Winton Evolution Fund and Winton Global Equity Strategy, the firm began offering multi-strategy and equity investment programs that invest in equity markets around the world.[8][34][35]

Winton uses research and quantitative data analysis to identify favourable trends in the market[36][34] and its focus on research differentiates it from its industry companions.[8][36] In recent years, Winton has further developed its statistical research, focusing on big data; according to the Financial Times, in 2013 its machines processed "the equivalent of 30m King James bibles' worth of information every day".[37] In April 2013, Winton was featured in the BBC2 program Horizon: The Age of Big Data for its use of scientific analysis of data, particularly for its capture and processing of large data sets including historical data for the markets that it trades in and newly produced data from thousands of companies.[38]

Winton's trading is automated and systematic and uses computer algorithms[10] to trade futures in financial assets including equities, currencies, bonds, commodities, livestock and energy[19] in over 100 futures markets worldwide.[8] Winton uses a mix of long-term and short-term trading as part of its strategy[8] and combines uncorrelated strategies to maximize their risk-return ratio.[8][34][33] According to the firm, it uses the same mathematical tools, for research, statistical data analysis, stock selection, and futures investments.[39] From around 2008, the Winton Fund has increased its allocation to cash equities.[40][41]

Assets under advisement edit

When Winton launched in October 1997, it held $1.6 million in assets.[8] Over the next 3 years the assets held by the firm grew to over $150 million at the end of 2000.[42] By 2004, the firm's seventh year in operation, its assets under advisement reached $1 billion.[43] In the mid-to-late 2000s, the firm experienced large inflows of capital, leading to its assets under advisement increasing rapidly from $4.8 billion in mid-2006,[9][14][44] to $12.4 billion in 2009.[33][45] Between 2010 and 2012, Winton's total assets under advisement increased by almost $15 billion, from $13.7 billion in June 2010 to $28.5 billion in February 2012.[39] As at December 2017, Winton's assets under advisement totaled $28.5 billion.[5] Following a year of significant losses, including more than 20% in their main fund, Winton's assets under advisement dropped to $7.3 billion by late 2020.[6]

References edit

  1. ^ "Annual report" (PDF). assets.winton.com. 2017. Retrieved 2021-10-26.
  2. ^ {http://www.winton.com/}
  3. ^ a b Ben Wright (2 March 2014). "Winton Capital Plans Expansion Drive With Up To 100 New Hires By Year-End". The Wall Street Journal. Retrieved 7 April 2014.
  4. ^ a b Cookson, Clive (25 November 2016). "Winton Capital's David Harding on making millions through maths". Financial Times. Retrieved 25 April 2017.
  5. ^ a b "Winton Annual Report 2017" (PDF). Winton. Retrieved 16 May 2018.
  6. ^ a b Fletcher, Laurence (6 January 2021). "Hedge fund Winton's assets plunge $26bn from peak after 2020 rout". Financial Times. Retrieved 4 August 2021.
  7. ^ "About Us". Winton. Retrieved 25 April 2017.
  8. ^ a b c d e f g h i j Barry Cohen (November 2007). "Winton's Winning Formula". Absolute Return.
  9. ^ a b c Bill McIntosh (22 January 2007). "Winton Capital, Dexion Team Up for Fund IPO". HedgeWorld Daily News.
  10. ^ a b c d e "Profile: Winton wonderland". FOW Magazine. October 2006.
  11. ^ a b Loch Adamson (May 2009). "New World Masters". Alpha Magazine.
  12. ^ a b Leah McGrath Goodman (April 2008). "The Wizard of Winton". Trader Monthly. p. 106.
  13. ^ a b Jack Willoughby (29 June 2009). "Trend Tracker". Barron's Hedge Funds.
  14. ^ a b c d Bill McIntosh (8 October 2007). "GSAM Fund Buys Stake in Winton". Reuters Hedgeworld. Retrieved 6 May 2013.
  15. ^ "Goldman fund buys 10 percent stake in Winton: report". Reuters. 8 October 2007. Archived from the original on 1 February 2013. Retrieved 14 September 2011.
  16. ^ Hedge Fund Standards Board. "HFSB Founders & Core Supporters". Retrieved 27 September 2016.
  17. ^ "Hot 100; Most profitable: Winton Capital". Real Business. April 2008.
  18. ^ Katherine Griffiths (19 August 2008). "Finance at its very highest; Britain's biggest private companies". The Daily Telegraph (London). p. 7.
  19. ^ a b Tomoko Yamazaki; Komaki Ito (12 July 2009). "Winton to Start Japan Fund, Hire H.K. Staff in Asian Expansion". Bloomberg. Retrieved 14 September 2011.
  20. ^ Devasabai, Kris (26 April 2013). . Risk.net. Infopro Digital Risk Limited. Archived from the original on 3 December 2017.
  21. ^ Harriet Agnew (25 September 2012). "Winton backs China's first managed futures fund". Financial News. Retrieved 30 April 2013.
  22. ^ Nicholas Hellen (30 September 2013). . The Sunday Times. Archived from the original on September 30, 2012. Retrieved 29 April 2013.
  23. ^ Delevingne, Lawrence (10 June 2014). "The British (hedge funders) are coming!". CNBC. Retrieved 13 September 2017. {{cite journal}}: Cite journal requires |journal= (help)
  24. ^ Smith, Mark (28 April 2014). "The British (hedge funders) are coming!". Financial Standard. Retrieved 13 September 2017. {{cite journal}}: Cite journal requires |journal= (help)
  25. ^ a b Eschenbacher, Stefanie (3 February 2016). "Winton on the hunt for Asia recruits". Financial News. Retrieved 13 September 2017. {{cite journal}}: Cite journal requires |journal= (help)
  26. ^ Kishan, Saijel (22 December 2016). "Data Scientists Making Millions Vie With Fund Managers Over Pay". Bloomberg.com. Bloomberg. Retrieved 13 September 2017.
  27. ^ Childs, Mary (6 June 2016). "Goldman Sachs sells stakes in 5 hedge funds to AMG!". Financial Times. Retrieved 13 September 2017.
  28. ^ "Winton Group Limited". Companies House. Retrieved 13 September 2017.
  29. ^ Lindsay Fortado; Robbin Wiggelsworth (18 June 2018). "Hedge fund Winton spins out its big data unit". Financial Times. Retrieved 2019-02-18.
  30. ^ Paul Clarke (December 5, 2013). "Quant hedge funds struggle to hold on to mathematical whizz kids". eFinancialCareers.
  31. ^ "Investment Advisor Search Results". adviserinfo.sec.gov. Securities and Exchange Commission. Retrieved 29 April 2013.
  32. ^ David Harding (Spring 2008). "What's in a name? Where are CTAs going?". Global Review - Hedge Fund Intelligence.
  33. ^ a b c "Harding's Hedge Fund Thrives on Surprise". Reuters Hedgeworld. 16 October 2009.
  34. ^ a b c Martin Steward (1 December 2010). "Winton's global equity strategy". Investment and Pension Europe.
  35. ^ Stephen Taub (4 March 2014). "The Morning Brief: David Harding's Winton Capital Plots Big Expansion". Alpha Magazine. Retrieved 7 April 2014.
  36. ^ a b "It's rocket science: MacBoffins crunch the numbers". The Australian. 13 October 2005. p. 29.
  37. ^ Sam Jones (20 February 2013). "Winton Capital have curious minds to supply science to finance". Financial Times. Retrieved 29 April 2013.
  38. ^ Business Information Portal. 11 April 2013. Archived from the original on 3 March 2016. Retrieved 29 April 2013.
  39. ^ a b Jez Liberty (20 March 2012). "Trend Following Wizards update February 2012;".
  40. ^ Anita Raghavan (7 October 2013). "A Recent Flourish for Winton Capital". The New York Times. Retrieved 7 April 2014.
  41. ^ "Winton Capital Management – Best Managed Futures/CTA". Hedgeweek. 26 March 2013. Retrieved 7 April 2014.
  42. ^ "Fast finish makes 2000 a winner". Managed Account Reports. January 2001. p. 1.
  43. ^ "Winton passes $1b mark on seventh anniversary". Managed Account Reports. October 2004. p. 1.
  44. ^ Neil Behrmann (11 May 2006). "Managed futures funds and CTAs gain but beaten by commodity indices". Infovest21 News.
  45. ^ Taub, Stephen (Apr 2009). "The Hedge Fund 100: Our Rankings of the World's Biggest Single Manager Firms". Alpha Magazine.

External links edit

  • Winton official website

December 15, 2023
winton, group, which, includes, winton, capital, management, british, investment, management, firm, founded, david, harding, united, states, winton, registered, with, securities, exchange, commission, investment, advisor, with, commodity, futures, trading, com. Winton Group Ltd which includes Winton Capital Management is a British investment management firm founded by David Harding In the United States Winton is registered with the Securities and Exchange Commission as an investment advisor and with the Commodity Futures Trading Commission as a CTA and is authorised by the Financial Conduct Authority in the UK The company trades on more than 100 global futures markets in a wide variety of asset classes and on global equity markets The firm was launched with 1 6 million in 1997 3 4 reached a peak of 28 5 billion in assets under advisement 5 before dropping to 7 3 billion by late 2020 6 Winton Group has six offices around the world London New York Hong Kong Shanghai Sydney and Abu Dhabi 7 Winton Group LtdTypePrivateIndustryHedge fundFoundedFebruary 1997 26 years ago 1997 02 FounderDavid HardingHeadquartersLondon EnglandRevenue 265 million 2017 267 million 2016 1 AUMUS 10 billion as of late 2023 2 Number of employees175Websitewww wbr winton wbr com Contents 1 History 1 1 Early years 1 2 Company milestones 2 Organization 2 1 Operations 2 2 Investment strategy 2 3 Assets under advisement 3 References 4 External linksHistory editEarly years edit In 1996 physicist and investment manager David Harding left Man AHL formerly Adam Harding and Lueck a systematic managed futures fund and created Winton 8 9 Using Harding s middle name 10 the firm began trading in October 1997 11 Winton employs statisticians engineers and physicists to pursue investment strategies based on scientific research and analysis 12 According to Harding Winton had difficulty attracting clients as a commodity trading advisor CTA because investors preferred hedge fund strategies that focused on the equity market rather than futures contracts 10 However using fees that were different from industry standards the firm was able to secure investors 10 13 Company milestones edit In 2005 the firm launched the Winton Evolution Fund which was designed as a multi strategy fund investing in a variety of financial instruments and securities 8 12 In July 2007 Petershill Fund a private equity fund set up by Goldman Sachs Asset Management International acquired a 9 99 stake in Winton 14 15 In 2007 Winton was ranked as the third largest CTA by the industry journal Absolute Return 8 In 2007 it became founding member of the Hedge Fund Standards Board which sets a voluntary code of standard of best practice endorsed by its members 16 In 2008 Winton was named Real Business s most profitable company 17 and was ranked the third largest private finance company in Britain by The Daily Telegraph 18 In late 2008 the company opened offices in Hong Kong their first outside of the UK 19 In 2010 the company launched the Winton Global Equity Fund which received UCITS approval in Europe In September 2012 Winton became research consultants with Fortune SG Fund Management of Shanghai to help develop China s first managed futures fund 20 21 In 2013 media coverage reported that the firm s founder had paid nearly 521 million in British taxes since 2006 including 133 million in 2011 alone 22 In 2014 the company opened offices in New York 23 Sydney 24 and Tokyo 25 Shanghai offices followed in 2015 25 In 2016 Winton s San Francisco office opened 26 Also in 2016 Petershill Fund sold its stake in Winton to Affiliated Managers Group and Winton changed the name of its holding company from Winton Capital Management to Winton Group 27 28 In 2018 Hivemind Technologies Ltd a software company that specialises in creating structured data spun out from Winton 29 Organization editOperations edit David Harding is the company s founder and chief executive officer 3 Approximately 70 of the firm s employees own shares or share options in the company 14 Winton employs approximately 175 staff members 4 More than 100 of the firm s employees are academics doing mathematical research 14 and studying statistical relationships and trading patterns 13 These specialists are organized into research teams which peer review and test new strategies gather data and identify trends 11 While quant hedge funds broadly have struggled for several years just following the 2008 financial crisis Winton remains a top recruit of quantitative minds 30 The majority of the firm s clients reside outside the UK and many are from the United States 8 9 Investment strategy edit Since its inception Winton has traded as a commodity trading advisor CTA It is regulated by the Commodity Futures Trading Commission as a CTA 10 and by the Financial Conduct Authority in the UK Winton is also registered with the U S Securities and Exchange Commission as an investment advisor 31 The firm refers to itself as a modern investment management company 32 and employs managed futures strategies using data analysis and modelling to follow trends in global futures markets such as commodities and bonds 33 After establishing the Winton Evolution Fund and Winton Global Equity Strategy the firm began offering multi strategy and equity investment programs that invest in equity markets around the world 8 34 35 Winton uses research and quantitative data analysis to identify favourable trends in the market 36 34 and its focus on research differentiates it from its industry companions 8 36 In recent years Winton has further developed its statistical research focusing on big data according to the Financial Times in 2013 its machines processed the equivalent of 30m King James bibles worth of information every day 37 In April 2013 Winton was featured in the BBC2 program Horizon The Age of Big Data for its use of scientific analysis of data particularly for its capture and processing of large data sets including historical data for the markets that it trades in and newly produced data from thousands of companies 38 Winton s trading is automated and systematic and uses computer algorithms 10 to trade futures in financial assets including equities currencies bonds commodities livestock and energy 19 in over 100 futures markets worldwide 8 Winton uses a mix of long term and short term trading as part of its strategy 8 and combines uncorrelated strategies to maximize their risk return ratio 8 34 33 According to the firm it uses the same mathematical tools for research statistical data analysis stock selection and futures investments 39 From around 2008 the Winton Fund has increased its allocation to cash equities 40 41 Assets under advisement edit When Winton launched in October 1997 it held 1 6 million in assets 8 Over the next 3 years the assets held by the firm grew to over 150 million at the end of 2000 42 By 2004 the firm s seventh year in operation its assets under advisement reached 1 billion 43 In the mid to late 2000s the firm experienced large inflows of capital leading to its assets under advisement increasing rapidly from 4 8 billion in mid 2006 9 14 44 to 12 4 billion in 2009 33 45 Between 2010 and 2012 Winton s total assets under advisement increased by almost 15 billion from 13 7 billion in June 2010 to 28 5 billion in February 2012 39 As at December 2017 Winton s assets under advisement totaled 28 5 billion 5 Following a year of significant losses including more than 20 in their main fund Winton s assets under advisement dropped to 7 3 billion by late 2020 6 References edit Annual report PDF assets winton com 2017 Retrieved 2021 10 26 http www winton com a b Ben Wright 2 March 2014 Winton Capital Plans Expansion Drive With Up To 100 New Hires By Year End The Wall Street Journal Retrieved 7 April 2014 a b Cookson Clive 25 November 2016 Winton Capital s David Harding on making millions through maths Financial Times Retrieved 25 April 2017 a b Winton Annual Report 2017 PDF Winton Retrieved 16 May 2018 a b Fletcher Laurence 6 January 2021 Hedge fund Winton s assets plunge 26bn from peak after 2020 rout Financial Times Retrieved 4 August 2021 About Us Winton Retrieved 25 April 2017 a b c d e f g h i j Barry Cohen November 2007 Winton s Winning Formula Absolute Return a b c Bill McIntosh 22 January 2007 Winton Capital Dexion Team Up for Fund IPO HedgeWorld Daily News a b c d e Profile Winton wonderland FOW Magazine October 2006 a b Loch Adamson May 2009 New World Masters Alpha Magazine a b Leah McGrath Goodman April 2008 The Wizard of Winton Trader Monthly p 106 a b Jack Willoughby 29 June 2009 Trend Tracker Barron s Hedge Funds a b c d Bill McIntosh 8 October 2007 GSAM Fund Buys Stake in Winton Reuters Hedgeworld Retrieved 6 May 2013 Goldman fund buys 10 percent stake in Winton report Reuters 8 October 2007 Archived from the original on 1 February 2013 Retrieved 14 September 2011 Hedge Fund Standards Board HFSB Founders amp Core Supporters Retrieved 27 September 2016 Hot 100 Most profitable Winton Capital Real Business April 2008 Katherine Griffiths 19 August 2008 Finance at its very highest Britain s biggest private companies The Daily Telegraph London p 7 a b Tomoko Yamazaki Komaki Ito 12 July 2009 Winton to Start Japan Fund Hire H K Staff in Asian Expansion Bloomberg Retrieved 14 September 2011 Devasabai Kris 26 April 2013 CTAs eye swap futures Risk net Infopro Digital Risk Limited Archived from the original on 3 December 2017 Harriet Agnew 25 September 2012 Winton backs China s first managed futures fund Financial News Retrieved 30 April 2013 Nicholas Hellen 30 September 2013 Rich man pays his taxes shock The Sunday Times Archived from the original on September 30 2012 Retrieved 29 April 2013 Delevingne Lawrence 10 June 2014 The British hedge funders are coming CNBC Retrieved 13 September 2017 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Smith Mark 28 April 2014 The British hedge funders are coming Financial Standard Retrieved 13 September 2017 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help a b Eschenbacher Stefanie 3 February 2016 Winton on the hunt for Asia recruits Financial News Retrieved 13 September 2017 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Kishan Saijel 22 December 2016 Data Scientists Making Millions Vie With Fund Managers Over Pay Bloomberg com Bloomberg Retrieved 13 September 2017 Childs Mary 6 June 2016 Goldman Sachs sells stakes in 5 hedge funds to AMG Financial Times Retrieved 13 September 2017 Winton Group Limited Companies House Retrieved 13 September 2017 Lindsay Fortado Robbin Wiggelsworth 18 June 2018 Hedge fund Winton spins out its big data unit Financial Times Retrieved 2019 02 18 Paul Clarke December 5 2013 Quant hedge funds struggle to hold on to mathematical whizz kids eFinancialCareers Investment Advisor Search Results adviserinfo sec gov Securities and Exchange Commission Retrieved 29 April 2013 David Harding Spring 2008 What s in a name Where are CTAs going Global Review Hedge Fund Intelligence a b c Harding s Hedge Fund Thrives on Surprise Reuters Hedgeworld 16 October 2009 a b c Martin Steward 1 December 2010 Winton s global equity strategy Investment and Pension Europe Stephen Taub 4 March 2014 The Morning Brief David Harding s Winton Capital Plots Big Expansion Alpha Magazine Retrieved 7 April 2014 a b It s rocket science MacBoffins crunch the numbers The Australian 13 October 2005 p 29 Sam Jones 20 February 2013 Winton Capital have curious minds to supply science to finance Financial Times Retrieved 29 April 2013 Big Data in the 21st Century The New Digital Battlefield Business Information Portal 11 April 2013 Archived from the original on 3 March 2016 Retrieved 29 April 2013 a b Jez Liberty 20 March 2012 Trend Following Wizards update February 2012 Anita Raghavan 7 October 2013 A Recent Flourish for Winton Capital The New York Times Retrieved 7 April 2014 Winton Capital Management Best Managed Futures CTA Hedgeweek 26 March 2013 Retrieved 7 April 2014 Fast finish makes 2000 a winner Managed Account Reports January 2001 p 1 Winton passes 1b mark on seventh anniversary Managed Account Reports October 2004 p 1 Neil Behrmann 11 May 2006 Managed futures funds and CTAs gain but beaten by commodity indices Infovest21 News Taub Stephen Apr 2009 The Hedge Fund 100 Our Rankings of the World s Biggest Single Manager Firms Alpha Magazine External links editWinton official website Retrieved from https en wikipedia org w index php title Winton Group amp oldid 1185186445, wikipedia, wiki, book, books, library,

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