⁍ Refinitiv said 72% of such investors were hurt by the pandemic.

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⁍ Some 12% declared their models obsolete and 15% were building new ones.

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⁍ Major focus areas in next two years in field of data strategy will be to extract more value from data.

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– A new study from financial data provider Refinitiv finds that many hedge funds and other financial firms are giving up on using “quantitative model-based” investing—or machine-learning algorithms based on historical data—in favor of more efficient ways of making investments. The study found that 72% of firms using such models were hurt by the so-called coronavirus pandemic, with 12% declaring their models obsolete and 15% building new ones, reports Reuters. “Those who have instituted careful data governance processes will be far more likely to succeed in this game than those who haven’t because rubbish in is rubbish out in the world of machine modeling,” says Refinitiv’s global head of labs.