Wednesday, June 12, 2024

Man Group and Bloomberg launch database product

Mark Jones, Man Group deputy CEO

  • First deal of its kind for world’s largest listed hedge fund manager
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Man Group has teamed up with Bloomberg to launch a new Python-native database product, ArcticDB.

In the first deal of its kind for Man Group, the fund manager has signed a multi-year agreement covering open source technology development and product integration with the financial information giant.

The product, built in response to the huge amounts of data and complexity of front-office research at Man Group, will be implemented as part of Bloomberg’s BQuant offering.

It aims to help with a challenge faced by many large buy-side and sell-side institutions. Mark Jones, Man Group’s deputy CEO, said ArcticDB had transformed the way the firm handles data.

The first iteration of ArcticDB was made available on an open source basis via GitHub and has seen over one million downloads since 2015. The latest version continues an open source approach and adds a commercial proposition through an enterprise version for production use.

“Datasets are massive, complex and time-varying. However, regardless of their original form, DataFrames quickly emerge as the unit of analysis in modern data science workflows and ArcticDB makes this a first-class concern,” said Gary Collier, CTO of Man Group Alpha Technology.

“By streamlining how we work, ArcticDB enhances our ability to generate new trading strategies, optimise portfolios, and manage investment risk. These are all features that we expect Bloomberg users will appreciate too.”