Early Life
Clifford Scott Asness was born on October 17, 1966, in Queens, New York, to a Jewish family. His father was an assistant district attorney. His family moved to Roslyn Heights, New York, when he was four. Asness attended Herricks High School and later earned dual bachelor's degrees in computer science and finance from the University of Pennsylvania in 1988. His interest in finance and portfolio management started while working as a research assistant in the Finance Department at Wharton.
Rise to Success
Asness began his career in 1990 at Goldman Sachs Asset Management. He started AQR Capital Management in 1998 with David Kabiller, John Liew, and Robert Krail. AQR was among the first hedge fund managers to voluntarily register with the Securities and Exchange Commission. Asness and his team have developed computer models for trading that locate underpriced equities, bonds, currencies, and commodities. He earned his MBA and Ph.D. in Finance from the University of Chicago Booth School of Business.
Key Business Strategies
AQR Capital Management focuses on factor-based investing, offering a range of products from hedge funds to mutual funds. AQR's investment approach combines traditional and alternative strategies, using systematic analysis and data-driven models to identify market inefficiencies. The firm's research-driven approach involves continuously refining their models and strategies to adapt to market conditions. Asness has been recognized for his insights and critiques of investment industry practices.
Philanthropy
AQR partnered with the London Business School to establish The AQR Asset Management Institute. AQR also supports the AQR Top Finance Graduate Award at Copenhagen Business School. Asness is also a board member of the International Rescue Committee.