Money Management

AQR hires head of machine learning

Marcos Lopez de Prado joined AQR Capital Management Wednesday as principal and head of machine learning.

In this new position, Mr. Lopez de Prado joined AQR's existing research and portfolio management teams and is tasked with further developing the firm's machine-learning tools and processes, said spokesman Kevin Infante in an email.

Mr. Lopez de Prado is well-known as a machine-learning expert, AQR said in a news release, noting he has published numerous academic papers on machine learning and supercomputing.

"Innovation and research are at the core of what we do, driving us to develop diversifying solutions to meet our clients' evolving needs. With a distinguished academic background and values consistent with ours, we look forward to partnering with Marcos to enhance our machine-learning initiatives," said David G. Kabiller, co-founder, in the release.

Mr. Lopez de Prado was senior managing director at Guggenheim Partners where he built and developed the firm's $13 billion quantitative investment strategies unit. He left Guggenheim in January.

Guggenheim transferred ownership of the unit to Mr. Lopez de Prado earlier this year after "a dispute over the ownership of certain intellectual property," according to a Feb. 6 news release from Guggenheim Partners.

The fate of Mr. Lopez de Prado's quantitative investment strategy could not be learned because he was not available for comment.

AQR managed $226 billion in alternative investment strategies as of June 30.