Wall Street, Hedge Funds Add Social Media to Research Menu

Investment managers are increasingly looking to use technology to generate new trading ideas. Hedge funds in the U.S. and Europe now spend more than $170 million annually on so-called alternative data, according to a survey by Greenwich Associates. Though small, this deal announced Friday is the latest in a string of consolidation among new financial data providers. Advanced Publications Inc. acquired 1010data, an alternative data provider, for $500 million in 2015. Kensho Technologies, which applies artificial intelligence to stock research, announced this year that it would be bought by S&P Global Inc. for $550 million.