Early Life
Clifford Scott Asness was born in Queens, New York, to a Jewish family. He graduated from Herricks High School. He graduated summa cum laude from the University of Pennsylvania with bachelor's degrees in computer science and finance. Asness earned an MBA with high honors and a Ph.D. in finance from the University of Chicago Booth School of Business.
Rise to Success
Asness's career began at Goldman Sachs Asset Management's quantitative research desk in 1990. In 1998, he co-founded AQR Capital Management with David Kabiller, John Liew, and Robert Krail. AQR, which stands for Applied Quantitative Research, quickly became a major player in the hedge fund industry. By 2019, AQR had become an investment firm running one of the world's largest hedge funds, employing factor-based investing and offering a range of products from hedge funds to mutual funds.
Key Business Strategies
AQR focuses on factor-based investing and quantitative strategies. Asness moved away from traditional hedge funds and into lower-fee products, including mutual funds. This strategic shift has fueled AQR's growth. AQR uses computer models to replicate hedge fund returns, often investing in stocks and other securities based on attributes and factors believed to produce higher returns over time.
Philanthropy
Clifford Asness has supported initiatives like the New York's marriage equality initiative and is a board member of the International Rescue Committee.
