PanAgora Asset Management

PanAgora gave the industry one of its defining ideas: Edward Qian, working at the firm, coined the term risk parity, the portfolio-construction approach later built into Bridgewater's All Weather and countless other funds. That intellectual footprint runs well ahead of the firm's public profile.

Founded in Boston in 1989 by Richard A. Crowell, PanAgora is a wholly owned subsidiary of Great-West Lifeco, part of Power Corporation of Canada, though staff can hold an economic stake. It builds systematic active equity, multi-asset risk parity, and alternative risk-premia strategies for pensions, endowments, and sovereign wealth funds.