Asia's Leading Robo-Advisor Magnum Research Closed A++ Round Financing

Led by BOCI investment vehicle and supported by existing investors including Alibaba Hong Kong Entrepreneurs Fund
2018-09-06 16:23 2093

HONG KONG, Sept. 6, 2018 /PRNewswire/ -- Magnum Research Ltd. ("Magnum Research") announced that it has closed its Series A++ round of financing. Major investors include Bohai XingWang, L.P., managed by BOC International ("BOCI"), and Alibaba Hong Kong Entrepreneurs Fund ("AEF"), a not-for-profit initiative by Alibaba Group. The success of this financing round marks the recognition of robo-advisory and AI investment by top Chinese investment institutions.

Magnum Research is a financial technology (FinTech) company incubated by the Hong Kong University of Science and Technology. AQUMON, designed and independently engineered by Magnum Research, strives to improve wealth and asset management practices with the integration of finance, algorithm, and IT solutions. Licensed by the Hong Kong Securities and Futures Commission and the US Securities and Exchange Commission, Magnum Research and its group companies are fully equipped to provide transparent, reliable and low-cost wealth and asset management services for individuals and institutions.

With its powerful algorithmic strategy and IT capacity, AQUMON provides a one-stop solution to help financial institutions improve their existing asset allocation models and significantly reduce costs associated with traditional asset management methods. The Series A++ financing will create strong synergy and a win-win situation for Magnum Research and BOCI. Besides receiving capital from BOCI PE arm as a support to the company, Magnum Research is also actively seeking cooperation opportunity with BOCI in Robo-advisory, aiming to provide automated global asset allocation services to BOCI's clients.

Lixin Wang, Managing Director of BOCI Direct Investment Department, said, "The advantages of equipping financial institutions with AI technology are gradually coming into effect. More traditional financial institutions are starting to embrace and incorporate AI technology in various projects."

Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund, said: "We are thrilled to continue our financing support for Magnum, who has shown profound capabilities in AI research and innovation." Chow added, "It is encouraging that more and more established corporations are embracing new ideas and innovation, which is bound to help the start-up ecosystem in Hong Kong thrive."

Kelvin Lei, CEO of Magnum Research, said: "The business formula combining Algorithm and IT solutions symbiotically will generate tremendous ripples and set off waves of change in the wealth and asset management industry. Asia's large and rapidly growing wealth management industry has many critical pain points including high fees, opaque business models, substantial home biases and poor customer services. Any improvements addressing these pain points will bring huge impact to the industry. Targeting these issues, Magnum Research independently developed its own AI algorithm and trading system, allowing investors to penetrate through all information layers and gain access to underlying assets directly. With the industry-changing technology it developed, Magnum Research is honored to be recognized by such forward-looking institutions as BOCI. The company is also grateful for the continuous support from AEF. The Hong Kong wealth management market is sized over USD 200-300 billion and Magnum aspires to embrace this market as the leader of the industry."

Dr. Don Huang, Co-founder of Magnum Research, added: "Our company has been committed to applying innovative technologies such as machine learning, big data and financial engineering into the field of investment. After three years of unremitting efforts, our algorithm team has built a wide range of quantitative strategies, which include global asset allocation, tactical asset allocation, multi-factor model, statistical arbitrage, index arbitrage, and high-frequency strategy; the solution can respond to various investment demands from institutional and individual customers. The performance of our quantitative strategies has proven to be outstanding despite volatile market conditions. Aiming to stay ahead in the field of quantitative investment, we will continue to invest resources in our own AI and quantitative research and with partnerships from top HKUST laboratories and professors. As the co-founders of Magnum Research, Kelvin and I will strive to leverage internet and AI technology to transform wealth management services for the general public. The investment from BOCI and AEF can undoubtedly propel us further towards our goal."

Since its inception in 2015, Magnum Research has secured more than USD 10 million in financing and remained a leader in the the AI wealth and asset management world. The company now consists of more than 50 team members, including top AI talents, PhDs in quantitative fields and has expanded its office locations from Hong Kong to Shenzhen and Singapore.

After three years of expansion, Magnum Research's business covers various financial markets from Hong Kong, to Mainland China and to Southeast Asia. At present, Magnum Research has initiated partnership with over 30 domestic and overseas financial institutions, including top multinational banks, brokerages, insurance companies and wealth management companies. Successful partnership projects such as China Resources Bank's "Run Zhitou" and ChinaAMC (HK)'s AI stock selection strategy "ChinaAMC x AQUMON AI China Alpha Strategy" have demonstrated Magnum Research's leading position in the AI investment field. Not only does Magnum Research operate the AQUMON platform for Hong Kong retail investors, it will soon launch its Qzhitou platform tailored for investors beyond Hong Kong. It will always be Magnum Research's mission to become the most reliable and popular automated wealth management platform in Asia.

Source: Magnum Research Limited