Formed in 1998 by veterans of Goldman Sachs Asset Management's quantitative research unit, AQR has a primarily institutional client base, but has also recently launched a mutual fund business. The manager runs roughly 40 investment strategies, including global macro, equity long-short and statistical arbitrage. Of the firm's $20 billion under management, $8 billion are run in hedge funds and $12 billion in separately managed accounts.

According to Joe Trentacosta, vice-president at AQR, the firm'