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Xiao Zhang, a co-founder of the Chinese quantitative hedge fund Pinestone Asset Management, has been indicted in the United States for allegedly stealing trade secrets from his former employer, Arrowstreet Capital, a Boston-based quantitative investment firm. The indictment suggests that Zhang aimed to leverage these secrets to benefit his new investment firm in China. This development raises concerns about the integrity of Zhang's hedge fund, which has reportedly been successful in an industry facing declining returns. The U.S. Justice Department has been active in prosecuting cases related to trade secret theft, highlighting the ongoing tensions between the U.S. and China regarding intellectual property and competitive practices in the financial sector.
In China, 🇨🇳 Zhang Xiao’s (张潇) two-year-old quantitative hedge fund has been a standout in an industry struggling with falling returns. Its meteoric rise is now being called into question after US prosecutors accused Zhang of stealing trade secrets from his ex-employer —… https://t.co/iGRG7cJwGb https://t.co/7Jwe3RJQhm
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The US Justice Department charged Ding, 38, with stealing trade secrets from Google. He had uploaded more than 500 files related to Google’s artificial intelligence technology to a personal account in an attempt to launch his own companies in China. https://t.co/WdWq6RgcFO
