The American hedge fund Coatue Management plans to raise $1 billion to invest in the development of artificial intelligence and technological innovations. This is reported in the Coatue press release.
Coatue expects the participation of institutional investors and wealthy individuals as part of an agreement with Raymond James and Associates. The agreement with Raymond James will provide Coatue with access to financial advisers, who are the main channel of communication with clients.
In 2017, Coatue entered into a similar agreement with Morgan Stanley and raised capital through J.P. Morgan Securities.
Coatue founder Philippe Laffont supports the development of artificial intelligence, arguing that it will stimulate the growth of related industries, including energy and infrastructure, and considers the use of robots as the next step in the development of artificial intelligence.
The decision by Coatue, which manages $50 billion in assets, demonstrates a broad shift in the hedge fund industry aimed at actively attracting funds from wealthy clients, taking into account the reduction of investments by institutional investors.
Coatue Management is an American technology hedge fund with a focus on supporting innovative technology startups and companies in the growth stage. Coatue invests in technology companies, media, telecommunications and healthcare. The headquarters is located in New York with offices in London, Shanghai and Hong Kong.
Raymond James is an American multinational independent investment bank providing financial services to individuals, corporations and municipalities through subsidiaries. The headquarters is located in St. Petersburg (Florida).
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