Cliff Asness Hits the Beach

AQR’s IPO has been put on ice for the time being. Look for them to resurrect this deal shortly after Labor Day if the markets firm up.

AQR Capital Management, one of the world’s largest hedge funds with about $35bn under management, has delayed plans to file with US regulators to raise as much as $500m in an initial public offeringamid rising concern over prevailing market conditions. The move to delay the filing suggests a turning point as hedge fund flotations had previously been considered less vulnerable to recent deterioration in market conditions than floats of some of the largest private equity buy-out groups.

A filing with the US Securities and Exchange Commission by AQR had been expected as early as yesterday, but sourcesclose to the float said that the company and its underwriters had decided to wait until wider market conditions looked better. FT

Apparently Cliff is easily intimidated, given he trembles at the mere sight of Eugene Fama…

Prior to co-founding AQR Capital Management, Cliff was at Goldman, Sachs & Co. where he was a Managing Director and Director of Quantitative Research for the Asset Management Division.....He received an MBA with high honors and a Ph.D. in Finance from the University of Chicago where he was Eugene Fama’s student and teaching assistant for two years (he is still respectfully scared of Gene). AQR Principal Bio

AQR delays plans to file with SEC
FT
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.  No positions in funds mentioned

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