Armada Technologies

Armada takes no management fee at all, earning only on a 70/30 profit split. The structure puts nearly all the financial risk on the manager rather than the investor, an unusually client-aligned arrangement for an emerging quantitative FX shop.

Founded in 2020 in Salt Lake City, the firm is built around its Trade Discovery Engine, a system that mines billions of price ticks across the G10 pairs for non-repainting signals and reallocates capital among mean-reversion, trend-following and volatility-aware sub-strategies as the regime shifts. Books are independently audited and administered by Caruso, a posture aimed squarely at the institutional allocators and family offices it courts.