What Aquantum does

Aquantum GmbH is a Munich-based, BaFin-regulated systematic investment manager operating a hedge fund boutique focused on liquid, non-discretionary trading strategies. Founded as a group in 2008 and incorporated in Munich in 2012, the firm develops and manages four core programs: Aquantum Active Range (AAR), a delta-based options strategy on the S&P 500; ADR Managed Futures, a systematic trend-following UCITS fund across bonds, equities, and FX futures; Aquantum Commodity Spread (ACS), a market-neutral commodity calendar spread strategy; and ACS Energies, an energy-focused sub-program. All strategies trade exclusively liquid exchange-traded instruments (options and futures) and are designed for daily liquidity and low correlation to traditional asset classes — AAR targets approximately 8% p.a. net returns with -0.70 correlation to equities and drawdowns under 5%.

The firm's trading infrastructure is operated on the Eridanus platform by Cegeka Germany (technology partner since 2012). The systematic engines are built on over 20 years of market experience and 35 years of proprietary data history, with rule-based execution avoiding discretionary judgment. The team is led by founder-CIO Thomas Morrow (formerly Deutsche Bank and Winton Capital), Managing Partner Carina Polzer, and COO Christian Schneider, supported by senior portfolio manager Maik Kaminski (architect of AAR).

Aquantum generates revenue through four channels: management fees on UCITS fund assets under management (EUR 700M+ across own strategies as of June 2024, with AAR alone exceeding EUR 1 billion by March 2025); licensing royalties from investment banks (UBS Group, BNP Paribas Group, Solactive AG — all since 2008) for embedded strategy products that have generated several billion euros of accumulated issuance; customized managed accounts for institutional clients; and offshore fund structures for international investors. Distribution is MiFID-gated to professional clients and eligible counterparties, accessed via Universal-Investment's UCITS platform, dedicated wholesale distribution (Donner & Reuschel from February 2024), and bank-led product issuance networks. The firm is privately held by its partners with no disclosed external institutional investors.

Name

Aquantum

Legal name

Aquantum GmbH

Website

https://aquantumgroup.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Munich-based BaFin-regulated systematic investment manager operating four liquid, non-discretionary trading strategies (options, commodity spreads, trend following) distributed via UCITS funds, investment-bank licensing partnerships, and managed accounts to professional and institutional clients globally.

Ownership category

akta.pro rank

Product category

Systematic Hedge Fund / Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industry

Alternative Mutual Funds (Liquid Alts) (FSAAAEAH)

Keywords

• Systematic asset management
• Managed futures strategies
• Commodity spread trading
• Options overlay strategies
• UCITS hedge fund

Headquarters

HQ city

Munich

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management (UCITS Funds): Aquantum manages public funds in UCITS format, including Aquantum Active Range UCITS and ADR Managed Futures UCITS. Revenue is generated through management fees on assets under management. The AAR fund has exceeded EUR 1 billion in AuM as of March 2025.
2. Strategy Licensing to Investment Banks: Aquantum licenses its systematic trading strategies and index concepts to investment banks (UBS Group, BNP Paribas Group, Solactive AG) for producing investment products. The accumulated issue volume based on licensed strategies amounts to several billion euros. Revenue is generated through licensing fees.
3. Managed Accounts: Customized managed account solutions for professional clients, allowing direct exposure to Aquantum's trading strategies with individualized terms.
4. Offshore Solutions: Offshore fund structures for international investors seeking exposure to Aquantum's systematic trading strategies outside EU regulatory frameworks.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Aquantum is a BaFin-regulated systematic investment manager that develops and trades four core quantitative programs: a delta-based options strategy on the S&P 500 (AAR), a market-neutral commodity futures spread strategy (ACS), a standalone energy-focused spread program (ACS Energies), and a systematic trend-following managed futures fund (ADR). The firm offers these strategies through UCITS public funds, managed accounts, offshore solutions, and licensing arrangements with investment banks such as UBS, BNP Paribas, and Solactive.

Product overview

Aquantum operates as a specialized developer and manager of systematic investment strategies, offering a portfolio of four distinct trading programs. The core offerings include: AAR (Aquantum Active Range), a delta-based options strategy on the S&P 500; ADR Managed Futures, a systematic trend-following UCITS fund; ACS (Aquantum Commodity Spread), a market-neutral commodity futures strategy; and ACS Energies, an energy-focused commodity spread program. These strategies are available through multiple investment vehicles including UCITS funds, offshore solutions, managed accounts, and segment management. The company focuses exclusively on liquid, exchange-traded instruments and maintains systematic risk management processes across all programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Aquantum Active Range (AAR) Program Delta-based options strategy on the S&P 500 that continuously exploits equity market fluctuations regardless of long-term market direction. Implemented via liquid exchange-traded put options with short residual terms, continuously adjusting Delta/Gamma positioning to market and volatility environment. Targets 6-10% net p.a. returns with 5-7% volatility and negative correlation to equity markets, for professional and institutional investors seeking portfolio diversification.
• ADR Managed Futures UCITS Systematic trend-following UCITS fund trading liquid exchange-traded futures across bond, equity and FX markets. Aims to profit from medium- to long-term price trends in both rising and falling markets with ongoing risk monitoring. Classified as an Article 8 ESG fund under EU SFDR, available to professional and retail investors via fund platforms and the Donner & Reuschel distribution partnership.
• Aquantum Commodity Spread (ACS) Program Market-neutral commodity futures strategy that continuously exploits seasonally recurring market patterns through intra-market calendar spreads in the most liquid commodity futures markets. Designed to be uncorrelated to other asset classes and largely independent of macroeconomic, monetary and geopolitical influences, targeting professional and institutional investors seeking diversified commodity exposure.
• ACS Energies Program Standalone market-neutral commodity program focused exclusively on energy-sector markets, trading intra-market calendar spreads in the most liquid energy commodity futures markets. Provides targeted exposure to seasonal patterns specific to energy markets, separate from the broader ACS strategy, for professional investors.

Quantifiable outcome

• AAR UCITS exceeded EUR 1 billion AuM in March 2025, approximately 4 years after launch
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered major and core.

• Donner & Reuschel AktiengesellschaftmajorChannel Partner/ Reseller/ Distributor · 1 February 2024Donner & Reuschel serves as a distribution partner for the ADR Managed Futures UCITS launched in February 2024. Hamburg-based financial services provider with client access in the German market.
• Universal-Investment-Gesellschaft mbHcoreImplementation/ SI/ Consulting Partner · 12 July 2021Universal-Investment serves as the fund administrator and management company for Aquantum's UCITS funds, including Aquantum Active Range UCITS and ADR Managed Futures UCITS. Provides regulatory and administrative infrastructure for the funds.
• Cegeka GermanycoreTechnology or Integration · 1 January 2012Cegeka Germany manages Aquantum's high-quality trading and IT infrastructure using the Eridanus platform. Cegeka has been supporting Aquantum with a qualified team of specialists on site since 2012, providing institutional-grade technology infrastructure for portfolio management.
• UBS GroupcoreOEM/ Whitelabel/ Licensing Partner · 1 January 2008UBS Group licenses Aquantum's systematic trading strategies and index concepts for the production of investment products. One of three current production partners. UBS has been licensing Aquantum's strategies since 2008 for various investment product formats.
• BNP Paribas GroupcoreOEM/ Whitelabel/ Licensing Partner · 1 January 2008BNP Paribas Group licenses Aquantum's systematic trading strategies and index concepts for the production of investment products. One of three current production partners. BNP Paribas has been licensing strategies since 2008.
• Solactive AGcoreOEM/ Whitelabel/ Licensing Partner · 1 January 2008Solactive AG licenses Aquantum's index concepts for the creation of investable indices. As a index provider, Solactive integrates Aquantum's systematic strategies into structured products and benchmarks.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Lupus alpha: Lupus alpha is a Frankfurt-based independent alternatives and special-situations manager with systematic and discretionary strategies. Same German/Munich–adjacent base, similar institutional and wholesale distribution model, and similar positioning as a mid-sized independent alternatives boutique.
• Aspect Capital: Aspect is a London-based systematic managed futures / CTAs manager offering diversified trend-following programs (e.g., Aspect Diversified) very analogous to Aquantum's ADR. Both are mid-sized, research-led boutiques with institutional UCITS/AIF vehicles and a similar institutional and wholesale client base.
• Transtrend: Transtrend (Rotterdam) is a pure systematic, non-discretionary managed futures manager running the Diversified Trend Program — a directly comparable model to Aquantum's ADR in methodology, fee structure, and institutional/wholesale distribution via UCITS and managed accounts.
• Winton Group: Winton is a London-based systematic / managed futures manager built on a similar non-discretionary, science-driven approach to trend-following and cross-asset futures strategies. Founder David Harding (AHL predecessor) and CIO culture closely mirror Aquantum's quantitative DNA, and both sell to institutional and wholesale clients via UCITS and managed accounts.
• Lynx Asset Management: Lynx is a Stockholm-based systematic managed futures manager running diversified trend programs with non-discretionary execution. Directly comparable to Aquantum's ADR in target return profile, fee structure, and institutional/wholesale client focus.
• Campbell & Company: Campbell & Company is a Baltimore-based systematic managed futures manager with diversified trend and multi-strategy programs comparable to Aquantum's ADR. Both serve institutional and high-net-worth clients through managed futures and UCITS-style vehicles.
• Capital Fund Management (CFM): CFM is a Paris-based systematic manager running diversified trend, managed futures, and alternative risk premia strategies. Directly comparable to Aquantum in non-discretionary, model-driven methodology and in offering UCITS and managed account access to institutional and wholesale clients.
• Assenagon: Assenagon is a Munich-based liquid alternatives and credit asset manager (where Aquantum's COO Christian Schneider was previously a partner). Directly comparable to Aquantum's systematic liquid alts platform in location, philosophy, and European institutional/wholesale distribution focus.

Broad incumbents

• Man Group / AHL: Man Group is the largest publicly listed pure-play systematic / active quant manager, with AHL running multi-billion-dollar managed futures and systematic programs very comparable to Aquantum's ADR. Both pursue non-discretionary, model-driven trend-following and offer UCITS/AIF fund structures for institutional and wholesale distribution.
• GAM Systematic / GAM Investments: GAM Investments' systematic arm runs managed futures and multi-asset programs comparable to Aquantum's ADR, distributed through UCITS and institutional vehicles. Larger and more diversified than Aquantum, but with overlapping systematic CTA and liquid alts offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Aquantum