Another Asness Assumes Bigger Role at AQR
Cliff Asness’ younger brother, Brad Asness, is assuming a more-senior management role at AQR Capital.
The quantitative-investment powerhouse has distributed an internal memo informing employees that Brad Asness is relinquishing the title of chief legal officer to become co-chief operating officer alongside John Howard, who also serves as chief financial officer.
The role of chief legal officer, meanwhile, is being filled by Billy Fenrich, Morgan Stanley’s former chief compliance officer. Fenrich will start work at AQR sometime this summer, presumably after serving out a gardening leave.
“As our firm grows and our operating and regulatory environment become increasingly complex, we want to ensure we are well positioned to meet these challenges on behalf of our clients,” the memo said.
As AQR’s new chief legal officer, Fenrich will oversee legal, compliance and regulatory matters globally. Among the executives who will report to him are general counsel Brendan Kalb and chief compliance officer H.J. Wilcox.
Fenrich joined Morgan Stanley in 2014, having previously served as general counsel and chief operating officer at global-macro fund operator PointState Capital.
Brad Asness has been on staff at AQR since his brother founded the Greenwich, Conn., firm in 1998 with David Kabiller, Robert Krail and John Liew. Brad Asness previously worked at Donaldson, Lufkin & Jenrette.
With gross hedge fund assets of $127 billion, AQR is fifth on Hedge Fund Alert’s ranking of the Top 200 Hedge Fund Managers (see Pages 6-11). On a net basis, AQR had a total of $187.6 billion under management as of March 31, including assets in mutual funds and separate accounts.