Neuberger Berman has sought to boost its Big Data credentials with the appointment of Michael Recce to the newly-created role of chief data scientist.
Recce, who has a background in machine learning and artificial intelligence, will be charged with aiding the US asset manager’s ongoing efforts to capitalise on increasing levels of data.
Joseph Amato, CIO for equities, said Recce will aid the company in harnessing so-called ‘data residue’, which is data collected across the supply chain of a purchase, journey or interaction.
Recce brings with him experience having served as chief data scientist at giant Singapore sovereign wealth fund GIC and also from a spell at Point72 Asset Management. He formally joined NB in May of this year.
He said: ‘Information can be dramatically enhanced with the digital residue left – often in real time – by that company, its partners in the supply chain, its customers and the media, both social and otherwise. Properly collected, monitored and analysed, it can uncover unseen patterns at the macroeconomic, industry and company level.’
Amato said Neuberger Berman expects Big Data to help Neuberger Berman discern mid- and long-term trends, while supporting investment decision-making. This comes alongside the longer-term aim of further adopting quantitative investing.
‘In our view, the Big Data Holy Grail in investment management will be the combination of good, old-fashioned fundamental analysis with quantitative investment techniques – what we call the “quantamental” approach,’ he said.
‘Bringing human intuition and judgment together with machine learning and bringing informed forecasts together with historical patterns, a “quantamental” approach gives investors a 360-degree view of their companies and the world in which they operate.’