Standard & Poor's Capital IQ, a Web-based data tool designed for the financial services community, announced that its client base doubled to 1,500 since its acquisition by Standard & Poor's in 2004.Hedge Funds are a major driver behind Capital IQ's growth, according to this press release recently issued by the firm.
According to Datamonitor, global hedge fund investment in IT will reach $3.3 billion by 2009. The reason? Hedge funds are beginning to focus more on leveraging real-time data to enhance the investment decision making process, direct market access (DMA) and algorithms in an effort to create competitive advantage. Vendors that offer these capabilities, like Capital IQ, stand to benefit.
"We expect our growth to continue briskly for the foreseeable future," said Randy Winn, managing director, Capital IQ, in a release.