Systematica Investments

Leda Braga founded Systematica in 2015. She previously ran the systematic trading division at BlueCrest Capital Management, which she joined in 2001. Braga built that quant arm from scratch, eventually managing a material share of BlueCrest's total assets before the spinout. She retains the dual role of CEO and CIO at Systematica.

The firm generates all signals systematically from proprietary models that analyze price action and market microstructure data across futures and equity markets. There is no discretionary override. The research team, composed of quants and data scientists, continuously tests new factors on multi-decade datasets before models are approved for live deployment.

The flagship program trades managed futures — taking long and short positions in equity index, sovereign bond, commodity, and foreign exchange futures — while the equity market-neutral strategy takes offsetting positions in developed-market stocks. Both are designed to produce returns that are uncorrelated to equity and bond beta over a full cycle.

Systematica operates as an alternative investment manager offering commingled hedge funds and managed accounts. The commingled vehicles include both the flagship futures program and the equity market-neutral strategy, while managed accounts are available to institutions seeking customized risk limits or reporting. The firm's funds are domiciled in offshore jurisdictions consistent with institutional hedge fund practice.

The firm has regulatory registrations in its key operating jurisdictions. The UK entity is authorized and regulated by the Financial Conduct Authority. The Swiss operations are supervised by FINMA, and the US affiliate is registered with the SEC as an investment adviser and with the CFTC as a commodity pool operator, reflecting the cross-asset nature of its trading.