Capital Fund Management

What Capital Fund Management does

Capital Fund Management (CFM) is a Paris-headquartered, privately held quantitative and systematic asset management firm founded in 1991 by Jean-Pierre Aguilar. The firm manages over USD 20 billion (rising to USD 29 billion by May 2026) for institutional investors and wealth managers globally, deploying five flagship alternative-investment programs — Stratus (flagship multi-strategy alpha), Discus (multi-asset futures), Systematic Global Macro, Trend Following/IS Trends, and Cumulus (launched 2024) — across more than 100 markets in equity indices, bonds, short-term interest rates, commodities, and currencies. CFM operates from offices in Paris, New York, London, Toronto (opened 2024), and Shanghai, with a workforce of 251–500 employees.

CFM's investment process is built on a scientific-method framework that combines statistical modeling of financial instruments with proprietary technology connecting to global exchanges, real-time risk monitoring, and an in-house research culture deeply linked to academia (research chairs at ENS, École Polytechnique, and Columbia University). The firm analyses and stores terabytes of financial and alternative data daily, accumulating a 12+ petabyte proprietary dataset, and applies machine learning, large language models, and agentic AI techniques to extract predictors — including sentiment from earnings reports and central bank communications — and to automate research at scale.

The business model is recurring asset-management fees on AUM, distributed through direct institutional sales across global offices targeting pension funds, endowments, foundations, sovereign wealth funds, wealth managers, and (via UCITS) European high-net-worth investors. The firm is regulated by the AMF in France and registered with the SEC, CFTC, and NFA in the United States, and is recognized across industry awards for multi-strategy, trend-following, and alternative-data categories.

Name

Capital Fund Management

Legal name

Capital Fund Management S.A.

Website

https://cfm.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Capital Fund Management (CFM) is a Paris-based, private quantitative and systematic asset manager founded in 1991, managing over USD 20bn (USD 29bn by May 2026) across five flagship alternative-investment strategies for institutional investors and wealth managers globally.

Ownership category

akta.pro rank

Product category

Quantitative Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG)

Keywords

• Quantitative asset management
• Systematic hedge funds
• Alternative investment strategies
• Managed futures programs
• Multi-strategy alpha

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Asset Management Fees: CFM generates revenue through management fees charged on assets under management. The firm currently manages over USD 20 billion for leading financial institutions and wealth managers globally.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Capital Fund Management is a quantitative and systematic alternative asset manager that runs a platform of hedge fund strategies for institutional investors and wealth managers. The firm charges management fees on more than USD 20 billion in assets under management (USD 29bn as of May 2026), applying scientific methods, machine learning, and AI to large-scale financial and alternative data to deliver decorrelated returns across global markets.

Product overview

CFM is a quantitative and systematic asset management firm offering a platform of alternative investment strategies. The core product portfolio includes five flagship programs: Stratus (flagship multi-strategy alpha), Discus (multi-asset futures), Systematic Global Macro (macro-driven futures), Trend Following/IS Trends (trend capture), and Cumulus (multi-strategy absolute return). All programs leverage advanced machine learning, AI, and cloud computing techniques applied to terabytes of financial and alternative data to generate alpha across global markets.

Differentiator

Problem solved

Functional benefit

Brands

• Stratus: CFM's flagship multi-strategy alpha program combining all latest strategies and research to deliver decorrelated returns through a diversified investment approach.
• Discus
• Systematic Global Macro (SGM)
• Trend Following
• Cumulus
• IS Trends

Products and services

• Stratus Flagship multi-strategy alpha program that combines CFM's latest strategies and research to deliver decorrelated returns through a diversified investment approach, targeting a risk profile less volatile than traditional market indices. Designed for institutional investors and wealth managers.
• Discus Multi-strategy, multi-asset futures program composed of diverse fundamental and technical strategies trading 100+ markets in equity indices, bonds, short-term interest rates, commodities, and currencies. For institutional investors and wealth managers.
• Systematic Global Macro (SGM) Futures program composed of macro-driven and technical investment strategies trading liquid futures, forwards, and credit indices, aiming to achieve low correlation to global equities and bonds while providing tail-risk mitigation. For institutional investors and wealth managers.
• IS Trends / Trend Following Strategies that capture the persistent trend effect across multiple asset classes, trading over 100 liquid futures and forward contracts globally, with an Equity Capped version (launched 2019) incorporating short-term overlay and equity exposure limits. For institutional investors and wealth managers.
• Cumulus Multi-strategy investment program combining a complementary mix of market-neutral and directional alpha-driven strategies to create an absolute return program with low correlation to traditional and alternative asset classes. For institutional investors and wealth managers.

Quantifiable outcome

• Stratus gained 6% in March 2026 while macro hedge funds experienced steep losses
• +6 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• FAIRR investors' networkminorStrategic or Co-development Partner · 1 January 2021CFM has been a member of the FAIRR investors' network since January 2021, engaging with some of the largest animal protein sourcing companies to steer them towards more sustainable practices.
• Climate Action 100+minorStrategic or Co-development Partner · 1 January 2020CFM joined Climate Action 100+ in 2020 as an Investor Collaborator supporting the work of engaging with companies identified as the world's largest emitters of greenhouse gas.
• Systematic Responsible Investments Group (SRI Group)minorStrategic or Co-development Partner · 1 January 2020CFM participates in the Systematic Responsible Investments Group launched in Q4 2020.
• École PolytechniquecoreStrategic or Co-development Partner · 1 January 2019CFM Research Chair at École Polytechnique, Paris seeks to apply scientific techniques to further understanding of fundamental problems faced in financial markets. This econophysics initiative encourages participants to take a different approach to economic modelling and challenges the academic orthodoxy.
• Carbon Disclosure Project (CDP)minorStrategic or Co-development Partner · 1 January 2019CFM has been a Signatory Member of the CDP since 2019, adding its name to investors and managers supporting greater disclosure of environmentally related information and metrics.
• Principles for Responsible Investment (PRI)coreStrategic or Co-development Partner · 1 October 2018CFM became a signatory of the PRI in October 2018, maintains a close relationship with the PRI, served on the PRI Hedge Fund Working Group, contributed to the PRI technical guide on ESG incorporation, and has had a seat on the UNPRI Hedge Fund Advisory Committee since November 2020.
• École normale supérieure (ENS)coreStrategic or Co-development Partner · 1 January 2016CFM-ENS Data Science Chair partnership in Paris aims to bring together researchers with diverse backgrounds and a common interest in dealing with large scale or high dimensional data. The collaboration enables a collaborative and cross discipline approach to understanding and developing algorithms across fields from healthcare to robotics.
• CFM Foundation for ResearchcoreStrategic or Co-development Partner · 1 January 2009The CFM Foundation for Research finances up to five theses per year in exact sciences (physics, mathematics, economics, theoretical biology), sponsors international exchanges between researchers, provides assistance in publication of papers and theses, and helps with symposiums and conferences.
• Columbia UniversitycoreStrategic or Co-development PartnerCFM-Columbia University's Program for Economic Research partnership explores and analyses how alternative data can be used to further the understanding of financial markets, improve economic forecasting and enhance investment strategies through seminars and workshops.
• École Polytechnique - Women in Quantitative Finance ScholarshipminorStrategic or Co-development PartnerCFM has launched a scholarship program 'Women in Quantitative Finance' to encourage women researchers in fields of scientific study where they are underrepresented, financing two new PhD students each year.
• Alternative Investment Management Association (AIMA)coreStrategic or Co-development PartnerCFM is an active member of AIMA and takes part in various industry-focused discussion and working groups such as the Global Responsible Investment Committee. Philippe Jordan sat on the Board of Directors of AIMA from 2018 through to September 2024.
• Swiss Sustainable FinanceminorStrategic or Co-development PartnerCFM is a signatory to the Swiss Sustainable Finance open letter to index providers asking them to exclude controversial weapons from their mainstream indices to align products with standard practice or expectation among institutional and individual investors.

Scale indicators7 records

Recent moves18 records

Expansion highlights6 records

Direct peers

• Man Group: Man Group plc is a publicly-listed systematic and discretionary hedge fund manager with significant quantitative operations (Man AHL, Man Numeric) trading managed futures and multi-strategy programs globally across 100+ markets - directly comparable to CFM's Stratus, Discus, SGM and Trend Following products.
• Two Sigma Investments: Two Sigma is a large quantitative asset manager combining data science, machine learning, and distributed computing to drive systematic investment strategies across global equities, futures, and alternatives - directly comparable to CFM's ML/AI-powered quantitative platform.
• Winton Group: Winton is a London-based systematic investment manager founded in 1997 focused on managed futures, statistical arbitrage, and macro strategies trading 100+ markets globally - directly comparable to CFM's Discus, SGM and Trend Following programs.
• Aspect Capital: Aspect Capital is a systematic investment manager specialising in managed futures / CTA strategies across global markets, similar in approach to CFM's Trend Following and Discus programs.
• Millburn Ridgefield Corporation: Millburn Ridgefield is a systematic multi-strategy global macro manager trading futures, fixed income, FX, and commodities - directly comparable to CFM's Systematic Global Macro (SGM) and multi-strategy offerings.
• Systematica Investments: Systematica is a systematic multi-strategy hedge fund manager deploying quantitative models across global markets - directly comparable to CFM's Stratus multi-strategy alpha program in approach, scale, and global market coverage.
• D. E. Shaw & Co. D. E. Shaw is one of the pioneers of computational finance, employing quantitative strategies across equities, fixed income, and alternatives - comparable to CFM as a founder-driven, science-oriented systematic manager.
• Renaissance Technologies: Renaissance Technologies is the founding pioneer of systematic quantitative trading using statistical models and large datasets (Medallion Fund and institutional vehicles) - highly comparable to CFM's scientific and data-driven approach.
• Arrowstreet Capital: Arrowstreet Capital is a Boston-based quantitative equity manager deploying systematic global alpha strategies - comparable to CFM's quantitative approach but with a more equity-specific focus.

Broad incumbents

• Bridgewater Associates: Bridgewater is the world's largest macro hedge fund manager running both systematic (All Weather) and discretionary (Pure Alpha) strategies - overlaps with CFM in macro and systematic investing but operates at much larger scale and broader product mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/CFMTech
• YouTubeyoutube.com/channel/UCSYwZJlfDpvhQyvod1FGjsg
• LinkedInlinkedin.com/company/capital-fund-management
• Xx.com/with_replies

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital Fund Management