Independent judgment inside a shared structure.

Our fundamental equity teams are organized by sector and region. Each team does its own work on how companies earn money, how their industries are changing, and what could change the picture.

Teams work independently of one another and answer to the same central risk framework, which sets how much risk each team can take and how concentrated that risk can become.

Quantitative teams turn research questions into models, test them against clean historical data, and run the ones that survive under careful monitoring.

The work depends on data engineering as much as on mathematics, which is why our research, technology and data teams sit together.

Macro teams study growth, inflation, central bank policy and the links between rates, currencies and other markets across the world.

Their views are discretionary and their risk is measured and limited centrally, alongside every other team on the platform.

Credit teams study the ability and willingness of borrowers to pay, and the documents that set out what lenders are owed.

Liquidity matters more in credit than almost anywhere else, so the central risk team watches how easily positions could be reduced under stress.