…Global Competition Designed to Identify and Empower Top Quantitative Talent Globally
SAT, NOVEMBER 17 2018-theG&BJournal-Play Magnus, a leading chess platform created by World Chess Champion Magnus Carlsen, and WorldQuant, the global quantitative asset management firm, today announced a new partnership and the launch of the inaugural Magnus Quant Challenge.
This month-long competition is designed to test analytical skills, teach quantitative finance and identify top performers who may be considered for research consulting positions at WorldQuant’s Virtual Research Center (VRC). Participants — who represent more than 80 countries — must be users registered through the Play Magnus chess app. The VRC operates an online platform, WebSim, which enables individuals to conduct research and build algorithms that seek to predict the future price movements of various financial instruments (or alphas, as WorldQuant calls them).
“We’re excited to broaden our partnership with Play Magnus and bring additional opportunities to top global talent. Premier chess competitors utilize concentration, strategy and the ability to identify patterns to predict future moves and act based on that information. These skills are very similar to those that quantitative finance minds use every day,” said Igor Tulchinsky, CEO, Chairman and Founder of WorldQuant.
“I’m first and foremost passionate about chess, and I’m also convinced that it is important to innovate in order to grow future interest in chess,” said World Chess Champion Magnus Carlsen. “The fact that WorldQuant sees an opportunity to attract talent through the online platforms we have developed motivates me to take our efforts to a new level.”
“Chess is played by hundreds of millions of people on a daily basis. Research proves that people who play chess score higher than others in STEM subjects, which is highly correlated with identifying quantitative finance minds,” said Play Magnus CEO Kate Murphy. “Our vision is to use chess as a fun tool to make the world a smarter place, and this partnership with WorldQuant gets us one step closer to achieving our vision.”
VRC has more than 70,000 users from 180 countries and over 2,000 universities who are given the opportunity to learn about quantitative finance, build financial models, participate in global competitions and be considered for research consultant positions. WorldQuant users have collectively run over 93 million simulations on VRC’s online platform. Of those users, approximately 1,200 globally are in VRC consultant positions. Consultants have flexibility in their hours and work location, are compensated based on their activity and productivity, are eligible for additional compensation based on their alphas’ performance, and may ultimately be considered for full-time roles. Additional information, including how to register for Websim, can be found at www.WorldQuantVRC.com.
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