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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.

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Everyone talks about pods and PMs in multi-manager hedge funds. But what about the Center Book?

In this episode, Vincent and Saâd unpack the quiet infrastructure at the heart of every multi-manager platform — managing firm-wide risk, balancing exposures, and making the difference between a coordinated strategy and a collection of bets. They explore what it is, why it exists, and the critical questions allocators should ask during diligence.

If the pods are the soloists, the Center Book is the conductor — unseen by the audience, but essential to the harmony.

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In this episode of Resonanz Spotlight: Strategy Notes, Vincent and Saâd break down why SRTs and CLOs, often grouped under “structured credit”, are actually two very different games. They explore how banks, regulators, and investors each approach these structures, why incentives diverge, and what allocators must understand before deploying capital. In under ten minutes, this conversation demystifies the mechanics, motivations, and market dynamics that separate synthetic risk transfer from traditional CLO investing.