In a sign of the times, the world's largest listed hedge fund firm has created a new role of head of machine learning.

Sugar-trader-turned hedge fund titan Man GLG, the UK-listed firm, has appointed a head of machine learning, a sign of how investment firms are trying to use ideas around computer-driven processes to manage money.

The firm has appointed William Ferreira to a position created for the first time. The role sees him build out the company’s machine learning capabilities, giving managers tools to support how their make decisions and analyse markets, it said in a statement yesterday. He will also work with Man GLG’s teams on how to apply these techniques in subjects such as analysing news and social media, market events and announcements.

Ferreira will collaborate with MAN AHL – part of the group – as this has a machine learning team. The business has been looking into these techniques for several years. Man Group already works with the University of Oxford, via the Oxford-Man Institute (set up in 2007.)

Previously, Ferreira worked at Florin Court Capital, and before that, was technology manager for Man AHL from 2011 to 2014. He holds a PhD in theoretical computer science and an MSc in computational statistics and machine learning from University College London.

“We believe that machine learning techniques present an opportunity for discretionary investment managers, providing them with analytical tools to complement, and further enhance, their decision making processes,” Teun Johnston, CEO of Man GLG, said.                        

Man Group operates through five investment management businesses: Man AHL; Man Numeric; Man GLG; Man FRM and Man Global Private Markets. The company was founded in 1783, starting out as a commodities trading firm. At the end of March this year, it oversaw $88.7 billion in assets.