When a merger announcement hits the wires, Sand Grove Capital Management has to be ready to act quickly. The hedge fund makes money from investing around big, corporate events such as M&A deals and is competing with others who do the same.
Traditionally, reading through the complex, lengthy deal documents — which often stretch to over 100 pages — would take an investment professional over an hour. Even a quick review would take 15 to 20 minutes. But the use of AI has now reduced the process to seconds.
“We think of AI as a very fast, very thorough intern who is brilliant at analysing big datasets,” says Daniel Caplan, chief executive of London-based Sand Grove.
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