About CFM

Capital Fund Management (CFM) is a pioneer in diversified, alternative investment strategies that provide a source of return to our investors with a low correlation to traditional equity and bond markets.

Investors can access a highly risk-controlled and systematic investment framework, participating in the benefits of rigorous diversification and the opportunity to access returns from plausible, repeatable market patterns, or phenomena.

CFM is among but a handful of global investors to apply academic techniques to dynamically and stringently test every investment strategy.

Our firm’s culture derives from academic excellence, enhanced by an ongoing investment in people, our unique research capability and foundation technology.

CFM is proud to be leading a vanguard of investment managers seizing opportunity from massive shifts in data proliferation globally.

Our firm manages a number of quantitative strategies. We trade liquid instruments across global markets, including futures, equities, bonds, options, and spot and forward foreign exchange.

Our systematic trading strategies seek to profit from statistically significant price inefficiencies. Removing the guess work from investing, CFM dedicates significant resources to investing in a scientifically rigorous and disciplined manner.

Our investors include Pension Funds, Endowments, Sovereign Wealth Funds, Foundations, Fund of Funds, Private Banks, Insurance Companies and Family Offices. We have offices in Paris, London, New York and Tokyo. See more about our global business here: www.cfm.fr

In addition to carrying out research on new strategies, CFM has strong links to a number of universities. Our researchers contribute to the advancement of knowledge in finance and economics by lecturing and regularly publishing academic articles.

Our culture

Innovation, research, humility and collaboration

CFM takes pride in its distinct culture and values – a product of our people and longevity.

Over three quarters of our people are researchers and developers, creating an environment more like a research-focused, technology firm than a finance company. Most CFM researchers have PhDs in hard sciences and, unusually, their background prior to joining CFM is almost exclusively academic.

Our collaborative culture is reflected in low turnover: once people join CFM they tend to stay. This is a function of working in an environment of creativity and intellectual rigour – not to mention the satisfaction of being involved in solving some of the most intellectually challenging problems in global financial markets.

Collaboration is essential for CFM and is actively encouraged.

CFM has retained its entrepreneurial spirit and, importantly, our ownership structure gives the firm control and autonomy to make decisions collectively about how the firm is run, and its future direction.

Key Australian contacts

Steve Shepherd
Head of Investor Relations, Asia Pacific

Mark Yetman
Director – Investor Relations, Asia-Pacific

Our history

CFM was founded initially as a partnership in 1991. The firm is focused on in-depth research, state-of-the-art IT infrastructure and experienced risk management. CFM invests in applied scientific research and sophisticated information technology systems to extract value across securities, futures, foreign exchange, options and other derivatives on a global basis.

1991

CFM founded by Jean-Pierre Aguilar. The Managed Futures program established.

1994

Creation of Science & Finance, founded by Jean-Philippe Bouchaud and Jean-Pierre Aguilar, as the research arm of CFM.

1995

Marc Potters joins.

1997

Laurent Laloux joins.

2000

Merger of CFM and Science & Finance forming the current legal structure of CFM. Launch of intraday trading research. Jean-Philippe and Marc co-author Theory of Financial Risk and Derivative Pricing.

2001

Launch of the Equity Statistical Arbitrage strategy. Jacques Saulière joins.

2002

Start of electronic trading

2003

Launch of the Quantitative Multi-Strategy program, marking the diversification of the firm.

2005

Launch of the Equity Volatility Arbitrage strategy.

2006

Philippe Jordan joins.

2009

Launch of the Directional Volatility strategy. Creation of the CFM Foundation for Research.

2011

The management team of CFM, and Dyal Capital buy out Jean-Pierre estate, following his death.

2013

Launch of the Long Term Trend Following futures program.

2014

The Diversified Alternative Beta program is launched. Creation of CFM-Imperial Institute of Quantitative Finance.

2015

CFM LLP becomes an AIFM and the Investment Manager for the CFM IS programs. Australian registered fund for CFM ISDiversified launched in Nov 2015.

2016

CFM Foundation establishes data science program at École Normale Supérieure. Launch of a dedicated Equity Market Neutral program as part of our alternative beta strategies.