DE Shaw Raising $5 Billion in First Hedge Fund Run by Humans (1)

D.E. Shaw & Co. is raising money for a new hedge fund, where for the first time the firm will ditch the algorithms and let human traders call all of the shots.

The New York-based firm will take in between $3 billion and $5 billion in the D.E. Shaw Cogence Fund over the coming months, people with knowledge of the matter said. Most of the initial capital is coming from existing investors and the fund is oversubscribed, the firm has told clients. Cogence starts trading on Oct. 1, the people said, asking not to be identified because the information is ...