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High-frequency trading firms and quantitative hedge funds once operated in completely different worlds. Now they're competing head-to-head for the same alpha.

Vincent and Saâd explore why ultra-high-frequency strategies hit a hard capacity ceiling, how the passive investing revolution is forcing these firms into direct competition, and what happens when Jane Street and Millennium's pods fish in the same pond. The old manager categories no longer apply, and allocators need to ask completely different questions.

This isn't convergence through imitation. It's convergence through necessity.