Tradeworx Inc. has announced the sale of its trading business, and will shift its focus on the expansionary efforts of its financial technology business of its wholly owned subsidiary, Thesys Technologies, Inc. As a result, Tradeworx Inc. has changed its name to Thesys Group, Inc. The specific terms of the sale are currently unknown, as they have yet to be publicly released.
The Tradeworx trading business has been acquired by Blueshift. Blueshift is currently headed by Mani Mahjouri, who serves as the company’s Chief Executive Officer and Chief Investment Officer. Mr. Mahjouri has inherent ties with Tradeworx, having previously served as the company’s CIO. In a corresponding move, what was until now known as Tradeworx’s trading business will be renamed Blueshift Asset Management. Blueshift’s acquisition will grant the company control over all of Tradeworx’s trading assets.
Meanwhile, Tradeworx will revamp its financial technology operations to focus solely on the continued growth and expansion of the financial technology business of its wholly owned subsidiary, Thesys Technologies, Inc. Tradeworx, Inc. will undergo a name alteration, to Thesys Group, Inc., and will continue to be led by CEO Mike Beller. In response to the sale of the trading business Mr. Beller commented: “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.”
Mr. Mahjouri also issued a statement on the transaction: “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.”