Cliff Asness Net Worth and Biography

What is a Net Worth – Cliff Asness Net Worth and Biography

Cliff Asness, born on October 17, 1966, in Queens, New York, is a highly esteemed economist and one of the wealthiest individuals in the field. As of June 1, 2023, his net worth is estimated to be around $2.6 billion.

Cliff Asness – Net Worth

Constant stands out as one of the most affluent economists in the United States. Based on our analysis and information gathered from Wikipedia, Forbes, and Business Insider, Cliff Asness boasts a net worth of $2.6 billion as of 2023. In 1995, Asness successfully convinced several partners at Goldman to invest an initial sum of US$10 million, enabling the utilization of computer-driven models developed by his team for market investments.

Cliff Asness – Early Life

Born on October 17, 1966, in Greenwich, Connecticut, Cliff Asness is a prominent figure as the co-founder of AQR Capital Management and a hedge fund manager. Originally from Queens, New York, Asness is of Jewish descent. His father, Carol Asness, is a medical educator, and his mother, Barry Asness, holds the position of Manhattan’s assistant district attorney. At the age of 4, Asness and his family relocated to Roslyn Heights.

Cliff Asness – Education

Asness pursued his undergraduate studies at the University of Pennsylvania, undertaking a double major in computer science and finance through the Jerome Fisher Program in Management and Technology. Remarkably, he completed the five-year program in just four years, graduating in 1988.

His early career interest in finance and portfolio management led him to work as a research assistant in the Finance Department at Wharton, where he gained valuable experience in utilizing computer programming to analyze markets and test economic and financial theories.

Cliff Asness – Personal Life

In 1990, Asness tied the knot with Laurel Elizabeth Fraser, a native of Seward, Nebraska, and the daughter of a retired Methodist pastor. The couple has four children together.

Cliff Asness – Professional Life

In 1990, at the age of 24, Cliff embarked on his career as a Ph.D. student. During the early 1990s, he assumed the role of manager at the “new quantitative research desk” within Goldman Sachs Asset Management (GSAM). Collaborating with two friends from the University of Chicago, they worked on developing models to assess risk in currencies, bonds, and entire economies.

Inspiring partners at Goldman in 1985, Cliff secured an initial investment of US$10 million to implement computer-driven models for market investments. He continued working as a GSAM manager until 1997, after which he left to co-found a quant hedge fund. In 1998, alongside David Kabiller, John Liew, and Robert Krail, Cliff established AQR Capital Management, a quantitative hedge fund firm.

AQR experienced notable financial gains, with $37 million and $50 million in 2002 and 2003, respectively. The headquarters relocated from New York to Greenwich, Connecticut, in 2004. However, AQR faced challenges, including losses in the 2007 quant meltdown and the 2008 financial crisis. By the end of 2010, AQR managed assets totaling $433 billion. In 2016, Connecticut’s State Bond Commission provided $35 million in financial aid to AQR to encourage the company to remain in the state. In 2019, AQR transitioned into an ‘investment firm,’ as described by Forbes. The firm is recognized for employing “factor-based investing” and offering a diverse range of products, from hedge funds to mutual funds.

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