Brevan, Discovery Dodged Brexit Shock Using Technology Edge
- Polling models, artificial intelligence said to aid managers
- Brevan rose 1% on Friday as hedge funds bucked market plunge
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Before U.K. voters went to the polls to decide whether to remain in the European Union, at least three prominent hedge funds sought ways to predict the outcome.
Brevan Howard Asset Management, run by billionaire Alan Howard, used artificial intelligence technology to gauge sentiment on social media and conducted a poll prior to the June 23 referendum, a person with knowledge of the firm said. Robert Citrone’s Discovery Capital Management developed a model using algorithms to track voting districts, while Crispin Odey’s Odey Asset Management also surveyed citizens.