Trading & Options · Profile from Trading and Options Research Companion
Qube Research & Technologies (QRT)
The London-based quantitative and systematic manager that began as the Qube Fund inside Credit Suisse in October 2016, left the bank through a management buyout led by Pierre-Yves Morlat (announced Aug 2017, independent from early 2018) with roughly $0.8–1bn, and grew to a reported ~$38bn of assets by January 2026 (Bloomberg, reported) — the fastest-growing new-generation quant firm of its era. Unlike most private hedge funds, QRT's UK parent files audited group accounts: for 2025 they show revenue of £2.92bn, net revenue of £2.58bn, profit before tax of £1.05bn, staff costs of £1.03bn and an average of 1,336 employees (Companies House, accounts filed 14 Sep 2026). Its story turns on execution and scale in a multi-strategy systematic model — and on the operational and political risks that come with running thousands of model-driven short positions in public view (an erroneous £670m HSBC short disclosure in Nov 2023; Trump Media's request for an SEC investigation of a QRT short in Apr 2025).
At a glance
- Founded
- Qube Fund started trading inside Credit Suisse Oct 2016 (finews, 2 Aug 2017; Bloomberg via WealthManagement, 2 Aug 2017); management buyout announced Aug 2017, independent as QRT from early 2018 (Wikipedia, citing Bloomberg and Citywire). UK company Qube Research & Technologies Limited incorporated 11 Nov 2015 (Companies House 09867306)
- Headquarters
- 9 Bressenden Place, London SW1E 5BY (Companies House; Form ADV)
- Ownership / structure
- Private. Immediate parent and ultimate controlling party of the UK company: 1751 Capital Holding Ltd, Guernsey (2025 accounts, note 23). Wikipedia names "Trident Capital Holdings" as parent (unconfirmed — the accounts do not)
- Regulated entities
- FCA-authorised full-scope UK AIFM (accounts); SEC exempt reporting adviser since 21 Jun 2019 (CRD 304552; IAPD); subsidiaries in Paris, Switzerland, Mumbai, the Netherlands and Denmark (2025 accounts); affiliates in Hong Kong (SFC), Singapore (MAS) and Dubai (DIFC, DFSA register) listed in Form ADV; a Houston commodities affiliate reported as Q-Tx LLC (job listings via search — verify)
- Leadership (2026)
- Pierre-Yves Morlat, co-founder and CEO; Laurent Laizet, co-founder and CIO (Wikipedia; both directors per Companies House)
- Funds (Form ADV, 31 Mar 2026)
- Qube Master Fund; QRT Master Fund SPC with Torus, Prism and Dao segregated portfolios; QSMA Torus SP; CMD Fund; Newton; QRT Dislocation LP/Ltd
- Scale (dated)
- ~$1bn (Aug 2017, Bloomberg) / ~$800m at spin-out (later Bloomberg-based reports); ~$11bn (Feb 2023); ~$23bn (early 2025); ~$28bn (Mar 2025); ~$30bn (Jul 2025); ~$38bn (Jan 2026) — all Bloomberg, reported, net of leverage (verify bases). Form ADV gross asset values are far larger (see section 5)
- Audited results (GBP, UK group)
- Net revenue £346m (2021), £634m (2022), £941m (2023, restated), £1,998m (2024), £2,583m (2025); profit after tax £153m, £233m, £302m, £712m, £831m
- Returns (reported, net)
- Two large funds >20% in 2022 (Business Insider, Dec 2023); 2025: main fund ~30%, Torus ~20.4%, Prism ~7.4% (Bloomberg, 8 Jan 2026, via secondary); another outlet reports "+22%" for 2025 (Caproasia) — fund and basis unclear
- Regulators
- FCA (UK); SEC (as ERA); AMF/ACPR (France, from memory, verify); SFC (Hong Kong); MAS (Singapore); DFSA (Dubai)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2016
Qube Fund Launched Inside Credit Suisse
Founding or fund launch / new strategy, product or market
2018
Management Buyout from Credit Suisse
Hiring, spin-out or partner departure / acquisition (management buyout)
2022
Scaling Headcount and Revenue
Capital raise, fee change or return of outside capital / hiring
2023
Erroneous HSBC Short Disclosure
Rogue trade or control failure (reporting error)
2023
External Manager Programme
Strategy pivot / new strategy, product or market
2025
Houston Commodities and US Entry
New strategy, product or market / hiring
2025
Iceland Data Centre
Technology or infrastructure bet (cloud, AI, compute)
2025
Trump Media Short and SEC Complaint
Large trade or position / regulatory, enforcement or legal action (complaint by the issuer)