Tier 3 — Specialist & Boutique Quant Firms

Specialist, boutique, and emerging quantitative trading firms.

Total firms: 293

Asset Manager

36 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
abrdn	Edinburgh	EU	$500B	~5,000	3.8/5
Affiliated Managers Group	West Palm Beach	AM	$680B	~700	3.5/5
AllianceBernstein	Nashville	AM	$770B	~4,500	3.5/5
Allspring Global Investments	Charlotte	AM	$580B	~1,300	2.6/5
Ares Management	Los Angeles	AM	$420B	~3,000	3.6/5
Carmignac	Paris	Europe		357
Causeway Capital Management	Los Angeles	North America		129
CIMB-Principal Asset Management	Kuala Lumpur	AP	$40B	~400	3.4/5
Connor Clark & Lunn	Vancouver	North America		145
E Fund Management	Guangzhou	AP	$380B	~3,000	3.7/5
Eurizon Capital	Milan	EU	$420B	~700	3.3/5
Federated Hermes	Pittsburgh	AM	$780B	~2,000	3.7/5
Fidelity International	London	EU	$580B	~9,000	3.9/5
Fulcrum Asset Management	London	Europe		112	3.8/5
Glennmont Partners	London	EU	$5B	1-50
Greenland Investment Management	Mumbai	Asia-Pacific	$1.5B	90	2.8/5
Harvest Fund Management	Beijing	Asia-Pacific	$125B	1300
Insight Investment	London	EU	$870B	~900	3.7/5
KKR	New York	AM	$580B	~4,700	3.7/5
Lupus alpha	Frankfurt	Europe		96
M&G plc	London	EU	$370B	~5,500	3.7/5
Mercer Investments	New York	AM	$400B	~25,000	3.6/5
MFS Investment Management	Boston	AM	$610B	~2,000	3.9/5
Neuberger Berman	New York	AM	$470B	~2,700	3.9/5
NISA Investment Advisors	St. Louis	AM	$280B	~200	3.7/5
Nomura Asset Management	Tokyo	AP	$560B	~1,500	3.9/5
O'Shaughnessy Asset Management	Stamford	North America		102
Ossiam	Paris	Europe		61
Parametric Portfolio Associates	Seattle	AM	$430B	~500	3.3/5
PICTON Investments	Toronto	North America	$18B CAD	222
Qraft Technologies	Seoul	Asia-Pacific		81
Quant Mutual Fund	Mumbai	Asia-Pacific		60
RBC Global Asset Management	Toronto	AM	$400B	~1,200	3.8/5
Shanghai Alliance Financial Services (SAFS)	Shanghai	Asia-Pacific		477
Tara Capital Partners	Mumbai	AP	Financial Services	~100
Union Investment	Frankfurt	EU	$480B	~4,000	3.7/5

broker

7 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
5paisa Capital	Mumbai	asia		~548	3.3/5
Axis Securities	Mumbai	asia		2,700–5,500	3.4/5
East India Securities	Kolkata	asia		~50	2.5/5
ICICI Direct	Mumbai	asia		5,000–10,000+	3.5/5
LFC Securities	Mumbai	asia		33–52
Shoonya by Finvasia	Chandigarh	AP	Not disclosed	~200	4.5/5
TradeSmart	Mumbai	asia		~74

Commodity Trading

7 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
Axpo	Baden	EU	Part of Axpo Group	~5,000	4.1/5
EDF Trading	London	EU	Part of EDF	~500	4.1/5
Freepoint Commodities	Stamford	AM	Prop Capital	~200	3.8/5
InCommodities	Aarhus	EU	Prop Capital	~250	4.2/5
MFT Energy	Aarhus	EU	Prop Capital	~100
RWE Supply & Trading	Essen	EU	Part of RWE	~1,500 (trading arm)	4.3/5
Statkraft	Oslo	EU	Part of Statkraft	~5,500	4.3/5

Exchanges & Data Providers

6 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
ElectronX	Chicago	AM	Regulated Exchange	~100
Enyx	Paris	Europe	N/A	25-75	4.1/5
JSE (Johannesburg Stock Exchange)	Johannesburg	ME	$1B+ market cap	~500	3.5/5
Redline Trading Solutions	Woburn	Americas	N/A	50-150	4.7/5
Saudi Exchange (Tadawul)	Riyadh	ME	$3B+ market cap	~900
Tel Aviv Stock Exchange (TASE)	Tel Aviv	ME	$2B+ market cap	~300

Fintech & Big Tech

9 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
BestX	London	EU	TCA Platform (State Street)	~40
Bull Technologies	Istanbul	EU	Tech Vendor	~30
Marqeta	Oakland	AM	$5B+ market cap	~700	3.7/5
Plaid	San Francisco	AM	$13B valuation	~1,800	3.7/5
Psonic	Sydney	Asia-Pacific		30
QuantMan	Coimbatore	asia
Thesys Technologies	New York	AM	Tech Vendor	~40
Tradetron	Mumbai	asia		21
Tradeware Teknoloji	Istanbul	EU	Tech Vendor	~30

High-Frequency Trading / Prop Trading

142 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
3Red Partners	Chicago, IL	AM	Prop Capital	~80	4.5/5
8 Blocks Capital	Hong Kong	APAC	Prop Capital	~30
A-Lab	Krasnodar	EU	Prop Capital	~150
ABC Arbitrage	Paris	EU	$3B+	~150
Accent Circonflexe Groupe	Amsterdam	EU		~20
Ace Trading	Istanbul	EU	Prop Capital	~100
Acheron Trading	Singapore	AP	Prop Capital	~30
Akuna Capital	Chicago, IL	AM	Prop Capital	~300	4.1/5
Albatross Labs	London	EU	Prop Capital	~20
Algoquant Group	Mumbai	Asia-Pacific		104
Algorithmic Trading Grp	London	EU	Prop Capital	~30
Algoz	Tel Aviv	ME	Prop Capital	~30
Alphabots	Bengaluru	asia		1–10
Alpin Capital	Chambéry	EU	Prop Capital	~20
Altonomy	Singapore	APAC	Prop Capital	~100
Amber Group	Singapore	AP	Prop / Public	~300	3.5/5
APT Portfolio	New Delhi	AP	Prop Capital	~80
ARB Trading Group	Pune	AP	Institutional Platform	~100	3.9/5
Arbelos Markets	New York	AM	Prop Capital	~20
Archelon Group	Chicago	NA	Prop Capital	~30
Athena Capital Research	New York	AM	Prop Capital	~30	2.8/5
Atlas Quantum	São Paulo	AM	$27M+ AUM	~100
Atto Trading	Multiple	EU	Prop Capital	~50
Auros	Hong Kong	AP	Prop Capital	~50	3.3/5
Avatar Securities	New York	NA	Prop Capital	~30	4/5
Axia Futures	London	EU	Prop Capital	~150	4/5
B2C2	London	EU	Prop Capital	~150	4.1/5
Barak Capital	Tel Aviv	ME	Prop Capital	~100	3.9/5
Belvedere Trading	Chicago, IL	AM	Prop Capital	~200	4.2/5
Blue Fire Capital	Chicago	AM	Part of Galaxy Digital	~30	2.6/5
BlueCandle	Singapore	AP	Prop Capital	~20
Bluefin Capital	London	EU	Prop Capital	~50	3.8/5
Bluesky Capital	London	EU	Prop Capital	~20
Boronia Capital	Sydney	AP	Prop Capital	~60
C D Integrated Services	Ahmedabad	Asia-Pacific		~100
Chicago Trading Co	Chicago, IL	AM	Prop Capital	~500	4/5
Cipher Capital	New York, NY	AM	Prop Capital	~30
CMS Holdings	New York	AM	Prop Capital	~15
Consolidated Trading	Chicago, IL	AM	Prop Capital	~200	3.5/5
Daksh Trading	Hong Kong	APAC	Prop Capital	~30
Dark Forest Tech	London	EU	Prop Capital	~20	1/5
Davinci Trading	London	EU	Prop Capital	~30
Divya Capital One	Mumbai	Asia-Pacific		167
Dolat Capital	Mumbai	APAC	Prop Capital	~350
DV Trading	Chicago, IL	AM	Prop Capital	~300	3.5/5
Eagle Seven	New York, NY	AM	Prop Capital	~30
Ebullient Securities	Mumbai	Asia-Pacific		109
Eclipse Trading	Chicago, IL	AM	Prop Capital	~50	3/5
Edgehog Trading	London	EU	Prop Capital	~20	4.2/5
Efficient Frontier	Tel Aviv	ME	Prop Capital	~30	4.3/5
Elk Capital Markets	London	EU	Prop Capital	~30
Emergent Trading	Chicago, IL	AM	Prop Capital	~50	3.1/5
Enigma Securities	London	EU	Prop Capital	~40
Epoch Capital	Sydney	AP	Prop Capital	~65	4/5
Eschaton Trading	Chicago, IL	AM	Prop Capital	~20
Evergreen Stat Trading	New York, NY	AM	Prop Capital	~20
Exponential Trading	London	EU	Prop Capital	~20	4.3/5
FinchTrade	Zug	EU	€86M+ Trading Volume	~40
FK Viking	Saratov	EU	Prop Capital	~30	3.9/5
Frequants	Tel Aviv	Middle East		~15
Gelber Group	Chicago, IL	AM	Prop Capital	~200	3.7/5
Geneva Trading	Chicago, IL	AM	Prop Capital	~100	4/5
Genk Capital	Singapore	AP	Prop Capital	~40	4.6/5
Gradient Trading	New York	NA		~30	4/5
Group One Trading	Chicago, IL	AM	Prop Capital	~200	4.3/5
HAP Capital	New York, NY	AM	Prop Capital	~50	3.7/5
HC Technologies	Chicago, IL	AM	Prop Capital	~40
Investflex	Rio de Janeiro, Brazil	AM	Prop Capital	~30
JST Digital	Singapore	APAC	Prop Capital	~30
Kairon Labs	Antwerp	EU	Prop Capital	~30	4.5/5
Kershner Trading Group	Austin	NA	Prop Capital	~100
Kinglab	Yerevan	EU	Prop Capital	~400+
Kore Trading	Chicago, IL	AM	Prop Capital	~40	3.8/5
Lares Algotech	New Delhi	asia		Small team
LedgerPrime	Miami	AM	Prop Capital	~25
Life Trading	Chicago, IL	AM	Prop Capital	~30
Liger Trading NZ	Queenstown	AP	Prop Capital	~30
Liquidity Trading	Istanbul	EU	Prop Capital	~30
Lite Invest	Ufa	EU	Prop Capital	~150
Live Investing Group	Krasnodar	EU	Prop Capital	~25+
Mako Trading	London	EU	Prop Capital	~200
Mana Partners	New York, NY	AM	Prop Capital	~50
Marquette Partners	Chicago, IL	AM	Prop Capital	~100
Mathisys Advisors	Gurgaon	Asia-Pacific		115
Maverick Derivatives	London	EU	Prop Capital	~50
MCAP LLC	New York	North America		57
Monoceros	London	EU	Prop Capital	~20
Nebula Research	London	EU	Prop Capital	~30
Nine Mile Financial	Chicago, IL	AM	Prop Capital	~30
NK Securities Research	Gurugram	AP	Prop Capital	~100
Nordic Velo	Copenhagen	EU	Prop Capital	~20
Onix Capital	Singapore	AP	Prop Capital	~30
OptimusPrime Securities	Bengaluru	AP	Prop Capital	~30
ORA Traders	Amsterdam	EU	Prop Capital	~30
Patronus Tradetech	Noida	AP	Prop Capital	~30
Peak6 Investments	Chicago, IL	AM	Prop Capital	~500	3.8/5
PlusWealth	Noida	AP	Prop Capital	~30
PlusWealth Capital Management	Mumbai	Asia-Pacific		61
Port 22	Chicago	AM	Prop Capital	~30
Prime Trading	Chicago, IL	AM	Prop Capital	~50
Pulsar Trading	London	EU	Prop Capital	~30	5/5
qSpark	Tel Aviv	EU	Prop Capital	~30
QST Financial	Limassol	EU	Prop Capital	~30
Quantbot Technologies	Houston, TX	AM	Prop Capital	~60	4.5/5
Quantbox Research	Mumbai	AP	Prop Capital	~50
Quantizer Research	Mumbai	Asia-Pacific		193
QuantRes	London	EU	Prop Capital	~50
QuantTrax	Multiple	EU	Prop Capital	~50
Quantum Brains	Berlin	EU	Prop Capital	~60
RAVEN Trading	Remote / Global	AM	Prop Capital	~30
Richfox Capital	Global	AM	Prop Capital	~30
Selftrader	Sao Paulo, Brazil	AM	Prop Capital	~10	3.8/5
Seven Points Capital	New York	NA	Prop Capital	~100
Seven Technologies	London	EU	Prop Capital	~30
Simplex Trading	Chicago, IL	AM	Prop Capital	~200	4.2/5
SMB Capital	New York	NA	Prop Capital	~100
Solidus Tech	Herzliya	Middle East		~20
Spectre Trade	Kislovodsk	EU	Prop Capital	~30
Summit Securities	Chicago, IL	AM	Prop Capital	~60
Sumo Trading	New York, NY	AM	Prop Capital	~30	4.6/5
Sunrise Futures	Singapore	AP	Prop Capital	~30	4.2/5
Tanius Technology	London	EU	Prop Capital	~20
Tradebot Systems	Kansas City, MO	AM	Prop Capital	~200	3.9/5
Tradelink Holdings	Chicago, IL	AM	Prop Capital	~50
TradeUp Group	Barueri, Brazil	AM	Prop Capital	~700	1.9/5
TransMarket Group	Chicago, IL	AM	Prop Capital	~300	3.9/5
Trust Prime Market	New York	AM	Prop Capital	~250
Valkyrie Trading	Chicago, IL	AM	Prop Capital	~100
Vataga	Moscow	EU	Prop Capital	~500+
Vatic Investments	New York, NY	AM	Prop Capital	~30	3.9/5
Vector Trading	Chicago, IL	AM	Prop Capital	~50	4/5
Volant Trading	New York, NY	AM	Prop Capital	~40
Volterra Technologies	London	EU	Prop Capital	~20
WH Trading	Chicago, IL	AM	Prop Capital	~100
Whitelist	Yekaterinburg	EU	Prop Capital	~80
Wincent	London	EU	Prop Capital	~40	3.8/5
Wolverine Trading	Chicago, IL	AM	Prop Capital	~500	4.6/5
Wunder Fund	London	EU	Prop Capital	~50
XR Trading	Chicago, IL	AM	Prop Capital	~100
Yubo Trading	Hong Kong	APAC	Prop Capital	~30
Zanskar Research	Mumbai	Asia-Pacific		54
Zomojo	Sydney	AP	Prop Capital	~30

Insurance & Reinsurance

3 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
Arch Capital	Pembroke	AM	$20B+ gross premiums	~5,500	3.8/5
Nephila Capital	Hamilton	AM	Part of Markel	~100	3.9/5
RenaissanceRe	Pembroke	AM	$30B+ gross premiums	~1,500	3.8/5

Multi-Manager Platform

7 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
BlackEdge Capital	London	EU	$3B+	~80
Cantor Fitzgerald	New York, NY	AM	$25B+	~5,000	3.5/5
Eisler Capital	London	EU	$5B	~200	3.8/5
Highbridge Capital Mgmt	New York, NY	AM	$6B	~200	3.6/5
Paloma Partners	Greenwich, CT	AM	$5B	~100	4/5
Segantii Capital	Hong Kong	AP	$5B+	~100	3.7/5
Walleye Capital	Minneapolis, MN	AM	$6B+	~600	3.4/5

Quant Hedge Fund

67 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
A Priori Investments	New York, NY	AM	$1B+	~30
Acadian Asset Mgmt	Boston, MA	AM	$18B	~300	3.9/5
ActusRayPartners	Hong Kong	AP	$1B	~30
AlphaSimplex Group	Boston, MA	AM	$5B	~50	3.4/5
Alphataraxia Mgmt	Singapore	AP	$500M	~20	5/5
Ansatz Capital	New York, NY	AM	Prop Capital	~30	5/5
Anson Investments	Toronto	AM	$2B	~50	4.9/5
ART Advisors	London	EU	$2B+	~30
Astignes Capital	Singapore	AP	Prop Capital	~30	3.1/5
Banyan Alpha	Singapore	AP	$500M	~20
Blueshift Asset Mgmt	New York, NY	AM	$500M	~30
Boerboel Trading	Austin, TX	AM	Prop Capital	~20
Boulder Hill Capital	Chicago, IL	AM	$500M	~20
Campbell & Company	Baltimore, MD	AM	$4B	~100	3.8/5
Clarity Capital	New York, NY	AM	$500M	~20
ClearAlpha Tech	New York, NY	AM	$500M	~20
Convex Asset Mgmt	London	EU	$2B	~30
Crabel Capital Mgmt	Milwaukee, WI	AM	$4B+	~60	4.1/5
Duality Group	New York, NY	AM	$1B+	~50
Edgestream Partners	Princeton, NJ	AM	~$2B	~50	3.9/5
Egret Quant	Shanghai	AP	$1.3B	~50
Elequin Capital	New York, NY	AM	$500M	~20	5/5
Enlightenment Research	London	EU	Prop Capital	~40
Ergoteles Capital	New York, NY	AM	$1B+	~30	1/5
Florin Court Capital	London	EU	$2B+	~30	3.8/5
Freestone Grove	New York, NY	AM	$1B+	~30	5/5
Galpha	Shanghai	AP	Prop Capital	~50
Garda Capital Partners	Minneapolis, MN	AM	$10B+	~200	3.6/5
Graham Capital	Rowayton, CT	AM	$18B	~300	3.7/5
GSA Capital	London	EU	$5B+	~200	3.7/5
Guggenheim Partners	New York, NY	AM	$220B+	~2,500	3.7/5
Harvey Capital	New York, NY	AM	$5B	~50
Hull Tactical	New York, NY	AM	$500M	~20	3.8/5
Infini Capital	Hong Kong	AP	Prop Capital	~30
Jacobs Levy Equity	New Jersey	AM	$12B	~50	4.5/5
Jocassee Quantitative	New York, NY	AM	$500M	~20
Kepos Capital	New York, NY	AM	$3B+	~50	3.9/5
Kivi Capital	Gurgaon	Asia-Pacific		69
Laval Science	Laval	AM	Research	~5
Luoshu Investment	Shanghai	Asia-Pacific		61
Lynx Asset Management	Stockholm	EU	$6B	~60	3/5
Manteio Capital	Global	EU	Prop Capital	~20
Mengxi Investment	Shanghai	AP	$1.5B+	~60
Method Investments & Advisory	London	EU	Undisclosed	~20
Millburn Ridgefield	New York, NY	AM	$4B	~80	3.7/5
Ocean Arete	Hong Kong	AP	$1B+	~30
PanAgora Asset Mgmt	Boston, MA	AM	$10B	~200	3.9/5
Parallax Volatility	San Francisco, CA	AM	$5B+	~50
Perseverance Capital	Shanghai	AP	$300M (est.)	~40
QMS Capital Mgmt	Sydney	AP	$1B+	~30	3.7/5
Qsemble Capital	New York, NY	AM	$500M	~20
Quantitative Inv Mgmt	Charlottesville, VA	AM	$3B+	~60	3.8/5
Quantumrock Capital	Munich	EU	$500M	~30
Quest Partners	New York, NY	AM	$1.5B	~30	3.9/5
QVR Advisors	New York, NY	AM	$1B+	~30
Renaissance Era Investment	Beijing	AP	$200M (est.)	~60
Rosetta Analytics	New York, NY	AM	Prop Capital	~20	3.6/5
Science Wave Capital	Istanbul	EU	Prop Capital	~20
Sensato Investors	New York, NY	AM	$500M	~20	4/5
Seven Eight Capital	New York, NY	AM	$2B+	~50	5/5
Southern Ridges Capital	Singapore	AP	Prop Capital	~20
Spark Investment	New York, NY	AM	Prop Capital	~30
Trexquant Investment	New York, NY	AM	$3B+	~120	3.7/5
Tudor Investment	Stamford, CT	AM	$12B	~400	3.5/5
Waterfront International	London	EU	$1B+	~30
White Oak Asset Management	Geneva	EU	Undisclosed	~25
Winton Group	London	EU	$7B	~500	3.5/5

Sell-Side / Investment Bank

7 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
Alaric Securities	Sofia	EU	EU Broker	~75
Daiwa Capital Markets	Tokyo	Asia-Pacific	$230B	~15,000	3.1/5
Exane	Paris	Europe	N/A	~800	3.9/5
Metzler Bank	Frankfurt	Europe	$80B	~800	3.8/5
Tinysoft	Shenzhen, China	AP	Platform	~80
TradeBlazer	Shanghai, China	AP	Platform	~100
Webstock	Shanghai, China	AP	Platform	~50

Sovereign / Pension Fund

2 firms

Firm	HQ	Region	AUM	Employees	Glassdoor
ISIF (Ireland Strategic Investment Fund)	Dublin	EU	$14B+		3.8/5
Khazanah Nasional	Kuala Lumpur	AP	$30B+		3.9/5

Tier 3 — Specialist & Boutique Quant Firms

Asset Manager

broker

Commodity Trading

Exchanges & Data Providers

Fintech & Big Tech

High-Frequency Trading / Prop Trading

Insurance & Reinsurance

Multi-Manager Platform

Quant Hedge Fund

Sell-Side / Investment Bank

Sovereign / Pension Fund

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