曾任职于Two Sigma长达17年的顶尖量化研究员张浩，因其在机器学习交易研究领域的开创性贡献而闻名。他成功开发出为Two Sigma带来数十亿美元利润的交易模型，并被誉为“技术”部门的“教父”。张浩计划于2026年初正式启动自己的对冲基金——Hippocampus Capital Management。尽管Two Sigma近期经历了动荡，包括创始人之间的冲突、研究员违规操作导致的监管调查以及高层变动，张浩的离开和新基金的成立预计将吸引大量投资者关注，鉴于其卓越的过往业绩和在量化金融界的崇高声誉。

⭐ 张浩，一位在Two Sigma工作了17年的顶尖量化研究员，被认为是公司历史上最重要的研究人员之一。他开创性地将机器学习应用于交易策略，并成功开发出为公司带来数十亿美元利润的交易模型。

🚀 张浩即将创立自己的对冲基金，命名为Hippocampus Capital Management，并计划于2026年初正式启动。他目前正与潜在投资者和基金服务提供商进行早期接触。

💡 在Two Sigma内部，张浩领导的“技术”部门因其在机器学习非线性技术方面的专长而成为公司的核心和机密。该部门擅长从市场数据中发掘复杂、不易察觉的模式，张浩在该部门的地位和贡献被许多人认为是“教父”级别的。

🎓 张浩拥有扎实的学术背景，曾在加州理工学院学习工程与应用科学，并在加州大学伯克利分校获得了统计学硕士和计算机科学博士学位。他对教育事业也颇为投入，曾向母校捐赠设立教授席位。

📉 Two Sigma在过去两年经历了不小的动荡，包括创始人间的公开冲突、研究员违规操作引发的监管调查以及一系列组织重组和高层离职。张浩的离开恰逢公司内部变动，但其过往的辉煌业绩预示着新基金的成立将备受瞩目。

One of the top quant researchers in Two Sigma's history is starting his own hedge fund.Hao Zhang pioneered machine learning trading research at Two Sigma, generating billions in profits.Zhang intends to launch Hippocampus Capital Management in early 2026, sources said.

One of the most prolific Wall Street investors you've never heard of is preparing to launch a hedge fund.

He's never been written about in a mainstream news article, but in certain quant finance circles, Hao Zhang is a revered figure. For 17 years, up until 2024, the quant researcher produced some of the most valuable trading signals at $60 billion hedge-fund giant Two Sigma.

A pioneer in applying machine learning to markets at Two Sigma, Zhang is now planning to hang out his own shingle. He's in the early stages of talking to potential investors and hedge fund service providers, according to five people who've been briefed on the plans.

Zhang intends to call his firm Hippocampus Capital Management, the sources said, and is targeting a launch date in early 2026, one of the people said. It's not clear how much capital he's looking to raise. Zhang's contract with Two Sigma prohibited him from raising money from investors before July 1, the people said.

Industry sources expect the launch to generate significant interest from investors, given Zhang's reputation and track record. His alpha research has been responsible for billions in trading profits for Two Sigma over the course of his career, the people said.

Zhang did not respond to requests for comment. Two Sigma declined to comment.

The techniques 'godfather'

Two Sigma, which has 1,700 employees today, was a comparatively small firm when it hired Zhang in 2007, operating in what was then the secretive hedge fund niche of quant trading.

The fund was on the vanguard of machine learning, an early artificial intelligence method that helps computers make decisions and predictions, and recognize patterns. Zhang, with his specializations in both stats and computer science, early on developed lucrative trading models focused on machine-learning non-linear techniques — uncovering complex, non-obvious patterns in market data — people familiar with Zhang said. The group that evolved around such strategies took on different names over the years, but staff shorthand was often simply "techniques."

While Two Sigma would pursue other machine-learning initiatives, techniques became the crown jewel and a closely guarded secret. Some refer to Zhang as the "godfather" of the unit, according to former employees.

People familiar with Zhang, including two former Two Sigma employees, said the billions of dollars attributed to his trading models make him one of the top researchers in the company's nearly 25-year history.

The small footprint Zhang does have online comes from university press stories connected to his donations — which have ramped up in recent years — to the California Institute of Technology and the University of California at Berkeley.

Zhang transferred from Fudan University in Shanghai to Caltech in 1997 to study engineering and applied science, later earning a master's in statistics and a Ph.D in computer science at UC Berkeley.

"That training and education has been a cornerstone in my life," Zhang said in the 2024 announcement of his endowment of a Berkeley professorship.

While studying at Berkeley, Zhang lived with another math and stats whiz named Peng Zhao, according to several people who know them. Zhang joined Two Sigma after completing his doctorate; Zhao helped build Citadel Securities, where he was named CEO in 2017.

Two Sigma's tumultuous two years

Two Sigma has historically maintained a low profile, as is common with quant investment firms.

But its last two years have been uncharacteristically tumultuous, highlighted by the long-simmering cold war between founders John Overdeck and David Siegel that burst into public view in 2023. The firm grappled with another scandal that year when a rogue researcher from the techniques unit was accused of unilaterally tampering with trading models, resulting in a Securities and Exchange Commission investigation and $90 million in civil penalties earlier this year (Two Sigma denied wrongdoing).

A series of organizational reorgs have also transpired, as well as senior leadership departures and layoffs.

Zhang's techniques unit hasn't been immune to the leadership shakeups. Ken Baron stepped down in 2024, and Kan Huang left for Cubist Systematic Strategies last fall. Zhang went on sabbatical last year and departed in late 2024, the people said.

He racked up tens of millions in compensation over the years, according to people familiar with the matter, which will come in handy in launching Hippocampus. Quant fund startups are notoriously expensive to get off the ground — costing millions for the necessary data and technology — and can take years to yield returns.