Tradeworx, Inc. announced today it has sold its trading business in order to focus solely on the continued growth and expansion of the financial technology business of its wholly owned subsidiary, Thesys Technologies, Inc., a leading capital markets provider.
As a result, Tradeworx Inc. has changed its name to Thesys Group, Inc. and the former trading business of Tradeworx was established as a separate firm named Blueshift Asset Management (Blueshift). Terms of the transaction were not disclosed.
The trading business was sold to a group led by Mani Mahjouri, Chief Executive Officer and Chief Investment Officer of Blueshift, who previously served as Tradeworx's Chief Investment Officer. As part of the transaction, Blueshift acquired all the trading assets from Tradeworx. Mike Beller, will remain CEO of Thesys Technologies and its holding company Thesys Group Inc., formerly Tradeworx Inc.
Mike Beller, Chief Executive Officer of Thesys Group, Inc. said, "As we evolved both our technology and trading businesses over time, we realized it was mutually beneficial to separate the two businesses to maximize their potential. This new corporate structure better aligns with our recent growth as a market structure technology leader within capital markets, while allowing the team at Blueshift Asset Management to focus solely on institutional asset management."
Mani Mahjouri, Chief Executive Officer of Blueshift commented, "I want to thank Mike and the entire team at Thesys for the support they've provided to the Blueshift team over the past several years and as we set out to launch our firm. As a standalone entity, we are very excited to have the opportunity to focus entirely on the pursuit of alpha generation on behalf of our investors."
The trading business team formerly with Tradeworx is now part of Blueshift, which is based in Red Bank, New Jersey. Thesys Technologies, along with its holding company Thesys Group Inc. will remain in New York with offices in South Carolina.