Two senior Credit Suisse staff have quit to set up a new company together.
Aric Whitewood, the bank's head of data science, and Jonathan Wilmot, the head of macro investments in its asset management unit, have left to set up WilmotML, a company which promises to combine artificial intelligence and macro risk awareness to create advisory and intelligence products for a "low return world".
WilmotML was incorporated in the UK on January 31st and is based at Level 39 in London's Canary Wharf. Whitewood and Wilmot appear to be the only employees so far, although other Credit Suisse staff may yet join them.
The exits leave Credit Suisse with two big holes to fill. Data scientists are hard to come by and Whitewood had been with the bank for nearly seven years after joining from an aerospace company and completing a PhD in electrical engineering. Wilmot had worked for Credit Suisse for over 30 years and was a well known speaker on macro investing issues. The combination of the two men means WilmotML has the potential to become one of the most interesting companies using artificial intelligence for investment purposes.
Credit Suisse is keeping its two former employees close. Wilmot is due to speak at the bank's Asian investment conference later this month. Appropriately enough, he'll be addressing the question of machines taking over fund management. A few years ago Wilmot told Bloomberg that the best advice he'd ever received was to keep your emotions in check when managing money. Maybe it's better to get emotionless machines to manage money for you instead?