Cliff Asness built most of his fortune by cofounding AQR Capital Management in 1998 after developing quantitative investment strategies at Goldman Sachs, then retaining a substantial ownership interest as AQR expanded. [1][2]
Academic finance became an investment-management business
Asness studied economics and engineering at the University of Pennsylvania before earning an MBA and Ph.D. in finance at the University of Chicago. AQR says he studied under Eugene Fama and later joined Goldman Sachs, where he led quantitative research within asset management. [2]
Asness left Goldman Sachs and cofounded AQR Capital Management in 1998 with David Kabiller, John Liew and Robert Krail. Forbes describes AQR as a quantitative money manager that invests through systematic signals across hedge funds, mutual funds and separately managed accounts. [1][2]
The firm grew into a large global asset manager while Asness remained a founder, managing principal and chief investment officer. Forbes has identified him as AQR's largest individual shareholder, making his equity in the management company a direct link between the firm's growth and his personal fortune. [1][2]
Assets under management are not personal assets
AQR manages capital on behalf of outside clients, so its assets under management do not belong to Asness. His wealth instead depends on the value of his ownership interest in the manager, the economics of its investment products and other personal investments. [1][2]
That distinction matters because AQR's scale can change dramatically without producing a dollar-for-dollar change in Asness' net worth. The durable wealth story is the creation and retained ownership of the investment firm, not ownership of the client capital the firm oversees. [1]
Sources for background
Sources reviewed Sep 17, 2026.
- Clifford Asness · Forbes · Sep 15, 2026
- Cliff Asness · AQR Capital Management
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