Ascendance Asset Management, founded by former AllianceBernstein investor Bob Kim, will be a multi-strategy hedge fund that plans to integrate artificial intelligence across the investing and risk management process, several sources familiar with the matter told Business Insider. Kim was the director of research at Visium and a portfolio manager for Izzy Englander's Millennium before working as the chief investment officer for AB's Arya fund, the multi-billion multi-strategy fund within the asset manager's alternatives business. AdvertisementThe firm also brought on a former executive from billionaire Stan Druckenmiller's hedge fund Duquesne, John Kovitch, to be its head of trading. The goal, sources told BI, is for each portfolio manager to have their own personalized AI agent helping them trade. These firms need people, especially investing talent, pushing up compensation and guaranteed payouts across the industry.

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Persons: Bob Kim, Ascendance, Kim, Izzy Englander's, AB's Arya, Josh Adam, Adam, Steve, Goldman Sachs, Stan Druckenmiller's, John Kovitch, Bobby Jain's Jain Organizations: Service, Management, Industry, Business, SAC, Duquesne, Citadel Locations: New York, London, Asia, GLG