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An Exclusive $500 Billion Quant Will Soon Be Open to Anyone

  • New ETFs end exclusive access advisers enjoyed to DFA funds
  • Outflows have picked up as factor strategies underperform
RF markets
Photographer: Towfiqu Photography/Moment via Getty Images
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When Rick Ferri wanted to invest his clients’ money with Dimensional Fund Advisors, it wasn’t as simple as cutting a check. First he had to get through boot camp.

The pioneering quant firm’s strategies were off-limits to all but approved investment advisers, and an intensive two-day training course was its vetting process. So in 1999 Ferri booked a slot, packed a bag and hopped on a plane.