Aspect Capital

Martin Lueck, as Research Director and co-founder, oversees the research program that generates and evolves all trading models. Anthony Todd serves as CEO and handles business and client strategy. The three co-founders — Lueck, Todd, and Michael Adam — remain the controlling shareholders, and investment decisions are governed by a systematic process, not discretionary committees.

All three founders previously worked at AHL, Man Group's quantitative trading unit. Martin Lueck was AHL's Head of Research before leaving to co-found Aspect. This lineage means Aspect's early models share intellectual roots with AHL's trend-following framework, though the firm has built independent research and infrastructure over more than two decades.

No. Aspect is a purely systematic manager. All its programs — including the flagship Diversified Programme, the Core Trend Programme, and the Alternative Markets Programme — use quantitative models for signal generation, portfolio construction, and execution. The firm does not offer discretionary or fund-of-fund vehicles.

Aspect trades over 200 futures and forward contracts across equities, fixed income, currencies, commodities, and equity volatility. The firm accesses developed markets across North America, Europe, and Asia-Pacific, as well as emerging markets in Latin America and Asia. This breadth is fundamental to its diversification model — narrow-market programs would undermine the statistical properties it relies on.

Aspect runs a dedicated research program led by Martin Lueck and hosts an annual Research Symposium that brings in external academics. The firm recruits heavily from quantitative PhD programs and maintains a flat research hierarchy. Founder control and a partnership structure allow the research team to operate with long-term autonomy, reducing pressure to launch products around short-lived market trends.

No. Aspect does not publicly report AUM as a matter of policy. The firm serves a global institutional client base including pension funds, sovereign wealth funds, and endowments, and its multi-office, multi-program structure is consistent with a significant asset base, but no specific number is published.

In March 2024, Aspect launched a UCITS-compliant version of its Core Trend Programme. This structure allows European wealth managers and private banks to access the strategy through a regulated, daily-liquidity vehicle. It signals a deliberate expansion into channels that were previously difficult to reach with the firm's offshore commingled fund structures.