(Bloomberg) -- Two Sigma Investments LP picked Ali-Milan Nekmouche to head a new artificial intelligence and machine learning team, as the $60 billion hedge fund seeks to tap technology that could supercharge traditional quant investing.

The move comes as company veteran Ken Baron, 57, steps down as “he charts his course towards retirement,” according to a memo seen by Bloomberg. Baron joined Two Sigma in 2008 and has led what’s called techniques forecasting for the past several years, which includes using innovations such as various machine-learning methods, the memo said.

Hedge funds from Bridgewater Associates to Millennium Management have increasingly turned their attention to AI. While AI strategies have their challenges, including a lack of data and sudden changes in market trends, investors have had some success using the technology to power research, such as finding red flags in text and summarizing economic insights.

Read more: Hedge Funds Find It’s Really Hard to Beat the Market With AI 

The new Two Sigma team that’s led by Nekmouche will be charged with setting and overseeing the fund’s AI/ML strategy, and coordinating with relevant teams at the firm, according to the memo. Jin Choi and Kan Huang will be interim co-heads of the “techniques” team, and report to Nekmouche.

Two Sigma declined to comment.

--With assistance from Hema Parmar.

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