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Protégé Partners founder to launch investment biz focused on AI funds

Expecting machine learning to disrupt the hedge fund industry, Protégé Partners LLC founder Jeff Tarrant is setting up a business that will infuse money solely in startup investment funds that use artificial intelligence, the Financial Times reported.

The business, Mov37, is aiming to invest up to $1 billion in as many as 10 managers through either seeding them or investing directly, according to the report.