France’s financial regulator AMF have withdrawn Quantology Capital Management’s the license to operate due to non-compliance with regulations. The withdrawal becomes effective from 30 June 2023 to allow time for the business to liquidate their fund portfolio.
The AMF Board took note of Quantology Capital Management’s non-compliance with the requirements of its authorization during its meeting on February 21, 2023. The AMF Board consequently resolved to revoke its authorization as a portfolio asset management business in accordance with Article L.532-10 of the Monetary and Financial Code.
The company has bee placed under the control of Mr. Pierre Masieri, appointed as administrator by the AMF, to ensure that during this period the company only carries out transactions that are strictly necessary to protect the interests of the holders of the funds it manages.
Quantology recently attracted press interest when they launched a service in the Facebook owner Meta’s “Metaverse”; a virtual reality platform/environment. Quantology built portfolio positions in a variety of stocks using its own proprietary quantitative algorithms based on trades taking place in the Metarverse. It claimed to perform better than both the Nasdaq-100 Net Notional Total Return Index and the Nasdaq-100 Currency Hedged EUR Total Return Index.