discovery dodged brexit shock
Brevan, Discovery Dodged Brexit Shock Using Technology Edge
Before U.K. voters went to the polls to decide whether to remain in the European Union, at least three prominent hedge funds sought ways to predict the outcome. Brevan Howard Asset Management, run by billionaire Alan Howard, used artificial intelligence technology to gauge sentiment on social media and conducted a poll prior to the June 23 referendum, a person with knowledge of the firm said. Robert Citrone's Discovery Capital Management developed a model using algorithms to track voting districts, while Crispin Odey's Odey Asset Management also surveyed citizens. The technologies and polling helped generate profits or minimized losses for the firms. Public surveys on the eve of the referendum suggested the vote was tight between the two camps, even as financial markets and betting odds indicated "Remain" was on course to win.