AQR Taps Younger Asness to Be Co-COO, Hires Morgan's FenrichBy
Brad Asness assumes bigger role in firm, joins John Howard
Fenrich set to oversee global compliance and legal affairs
Quant giant AQR Capital Management LLC named Brad Asness, brother of the firm’s co-founder Cliff Asness, as co-chief operating officer.
The younger Asness joins John Howard in the role, and together they will be responsible for the firm’s infrastructure, according to AQR spokeswoman Suzanne Escousse. Asness, who’s been with AQR since its founding in 1998, previously served as chief legal officer. Howard, in addition to being co-COO also serves as the firm’s chief financial officer.
Greenwich, Connecticut-based AQR has been the beneficiary of a surge in popularity around quant factor investing strategies, many of which were pioneered by the $187.6 billion investment powerhouse. The firm has been among the more profitable asset managers, posting pretax earnings of $531.1 million last year on revenue of $941.5 million, or a 56 percent margin, according to a filing by stake-holder Affiliated Managers Group Inc.
The firm also hired Morgan Stanley’s Billy Fenrich to succeed Asness as chief legal officer, overseeing legal, regulatory and compliance functions globally. He previously served in the same capacity at Morgan Stanley as a managing director.