Multi-strategy hedge funds have outperformed the hedge fund index for five consecutive years. With hedge fund AUM hitting $5 trillion, multi-strats command an outsized share. But what’s next? Four industry leaders discuss talent wars, AI disruption, and whether synthetic intelligence will replace human portfolio managers.

Featuring:

  • Nora Richardson, MD, Membership & Investor Services, MFA (Moderator)
  • Jeff Shen, PhD, MD & Co-CIO, Systematic Active Equities, BlackRock ($380B AUM)
  • Ari Glass, Founder, CEO & CIO, Boothbay Fund Management
  • Yoav Roth, Co-Founder & Managing Partner, Hudson Bay Capital
  • David Sheng, MD, Portfolio Advisory, Aksia

TIMESTAMPS:
0:00 – Multi-strats: Outperforming for 5 years straight
1:16 – How multi-strats fit in a portfolio (Aksia’s framework)
3:35 – Talent, technology, and alpha generation
4:20 – BlackRock: $380B across systematic strategies
5:17 – “Today’s alpha is tomorrow’s beta”
5:42 – Boothbay: $3B, first-loss platform, open architecture
7:29 – Hudson Bay: 25 years, true multi-strat across credit/equity/vol
8:49 – How Aksia evaluates multi-strats
10:24 – “Contemporary art in pass-through expenses”
11:18 – 50%+ of multi-strats now use external SMAs
12:22 – How each firm differentiates
13:25 – “Not competing for 29-year-old hot hands”
14:37 – Boothbay’s innovation: Structure matters
15:11 – The Billy Beane conversation: “Three dollar beer nights”
16:47 – “The options on talent market is mispriced”
18:09 – BlackRock’s tech edge: Scale as enabler
19:11 – 30,000 databases tracking the global economy
20:21 – “AI can mimic 70% of active management”
21:39 – Waymos and autonomous trading agents
21:50 – Market dispersion creating opportunities
23:30 – “COVID-like movements” under the surface
23:59 – Prediction markets: The next frontier
24:38 – Intersection of public and private markets
26:10 – What the experts read and listen to
27:04 – Ari Glass on biohacking and longevity
27:34 – “I failed organic chemistry” → Daniel Kahneman
28:24 – The dystopian AI scenario: 40% unemployment by 2028

Recorded live at Global Alts Miami 2026