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When the tabloids discovered <keyword id="4921068" type="PERSON" weightage="60" keywordseo="scott-borgerson">Scott Borgerson</keyword>'s connection to <keyword id="7971251" type="UNKNOWN" weightage="60" keywordseo="Ghislaine-Maxwell">Ghislaine Maxwell</keyword> in summer 2019, <a href="https://www.businessinsider.com/ghislaine-maxwell-where-is-she-now-tech-ceo-denies-report-2019-8">he told reporters</a> she was a "former friend." This time around, he'd just rather not talk about her. "The invasion of my privacy by tabloids has been awful," Borgerson told Business Insider in a text message, a rare on-the-record statement from a man still distrustful that much good can come from talking to the press.Over the years, Borgerson learned to leverage the benefit of Maxwell's elite social network when it suited him and how to hide it through aliases and fictitious backstories when necessary."I am deeply grateful to my family, my friends, my mentors, and the many colleagues and shipmates who have joined me on the journey," Borgerson said in the text. "They know my core principles of integrity and teamwork. If there is a reader looking for an entrepreneur to contribute solving an important problem, please reach out!"Attention has ramped up on Borgerson again following Maxwell's <a href="https://www.insider.com/ghislaine-maxwell-husband-scott-borgerson-bail-letterr-2020-12">latest request for bail</a>, which could be ruled upon at a hearing in the US District Court for the Southern District of New York as soon as Monday. Maxwell and her husband proposed posting $22.5 million in collateral on December 14 in an effort to convince the judge that she was not at risk of fleeing the country before her trial.Borgerson is not listed as Maxwell's husband in the filing. Neither is anyone else. The death threats on social media and the tabloid frenzy generated by the case are so severe that the names of Maxwell's bail cosigners needed to be redacted, her lawyers successfully argued.In a situation complicating matters further, Maxwell told pretrial services in July that she was "in the process of divorcing her husband," the government revealed on December 18. If she is granted bail, she will live in New York, and not with her spouse.Business Insider spoke with Borgerson and 15 people close to the couple and reviewed public documents to understand how Borgerson's life and career intersected with Maxwell.<h1><a href="https://www.businessinsider.com/ghislaine-maxwells-husband-scott-borgerson-profile-2020-12">Read the full story of Ghislaine Maxwell's secret husband here. </a></h1>

Inside the life of Ghislaine Maxwell's secret husband, a once-high-flying tech entrepreneur backed by Eric Schmidt who is now a central figure in one of the country's most high-profile legal cases

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://vimeo.com/111435296">Vimeo/Arctic Circle Secretariat</a></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/scott-borgerson">Scott Borgerson</a>, the CEO of a tech company called CargoMetrics, was recently tied to <a href="https://www.businessinsider.com/category/jeffrey-epstein">Jeffrey Epstein</a>'s alleged <a href="https://www.businessinsider.com/ghislaine-maxwell-jeffrey-epstein-alleged-madame-2019-7">madam</a>, <a href="https://www.businessinsider.com/category/ghislaine-maxwell">Ghislaine Maxwell</a>.</li><li>A recent <a href="https://www.dailymail.co.uk/news/article-7352813/Ghislaine-Maxwell-consort-Jeffrey-Epstein-living-mansion-outside-Boston.html">Daily Mail article</a> alleged Maxwell is dating Borgerson and has been living at his house in Massachusetts, but the tech CEO <a href="https://www.businessinsider.com/ghislaine-maxwell-where-is-she-now-tech-ceo-denies-report-2019-8">denied the report to Business Insider</a>.</li><li>Here's everything you should know about Borgerson, his company <a href="https://www.businessinsider.com/category/cargometrics">CargoMetrics</a>, and the CEO's alleged connection to Maxwell.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>The latest tech figure to be tied to Jeffrey Epstein's inner circle is Scott Borgerson, the CEO of a maritime analytics company.<a href="https://www.dailymail.co.uk/news/article-7352813/Ghislaine-Maxwell-consort-Jeffrey-Epstein-living-mansion-outside-Boston.html">The Daily Mail reported</a> this week that Borgerson was dating and housing Ghislaine Maxwell, Jeffrey Epstein's alleged madam. However, Borgerson <a href="https://www.businessinsider.com/ghislaine-maxwell-where-is-she-now-tech-ceo-denies-report-2019-8">denied the report to Business Insider</a>, and said Maxwell was only a "former friend" who was not living at his home in Massachusetts. <a href="https://www.businessinsider.com/ghislaine-maxwell-seen-at-in-n-out-burger-los-angeles-2019-8">Maxwell was then spotted</a> at an In-N-Out Burger joint in Lost Angeles the next day.The relationship between Borgerson and Maxwell is still not clear: Borgerson has not responded to further requests for comment from Business Insider since Wednesday, even after the Daily Mail <a href="https://www.dailymail.co.uk/news/article-7361505/Ghislane-Maxwell-57-stole-Scott-Borgerson-37-away-wife-two-young-kids.html">published more information on the alleged relationship</a> between the two.Here's everything you need to know about Scott Borgerson, his company CargoMetrics, and his ties to Ghislaine Maxwell:

Everything you need to know about Scott Borgerson, the tech CEO who has been tied to Jeffrey Epstein's alleged madam, Ghislaine Maxwell

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://vimeo.com/111435296">Vimeo/Arctic Circle Secretariat</a>Scott Borgerson, CEO of CargoMetrics</div></div></div><ul class="summary-list"><li>On Wednesday, <a href="https://www.dailymail.co.uk/news/article-7352813/Ghislaine-Maxwell-consort-Jeffrey-Epstein-living-mansion-outside-Boston.html">The Daily Mail reported</a> that <a href="https://www.businessinsider.com/category/jeffrey-epstein">Jeffrey Epstein's</a> <a href="https://www.businessinsider.com/ghislaine-maxwell-jeffrey-epstein-alleged-madame-2019-7">alleged madam</a> <a href="https://www.businessinsider.com/category/ghislaine-maxwell">Ghislaine Maxwell</a> has been dating and staying at the home of a tech CEO named Scott Borgerson.</li><li>Borgerson runs a maritime analytics company called CargoMetrics, and owns a house in Massachusetts.</li><li>Borgerson denied that Maxwell was currently staying at his house, telling Business Insider he's been traveling for work for the last week and no one has been staying at his home, although he didn't clarify whether Maxwell - who he called a "former friend" - had previously stayed at his home.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Tech CEO Scott Borgerson who, <a href="https://www.dailymail.co.uk/news/article-7352813/Ghislaine-Maxwell-consort-Jeffrey-Epstein-living-mansion-outside-Boston.html">according to the Daily Mail</a> has been dating and housing Jeffrey Epstein's alleged madam Ghislaine Maxwell, denied in a conversation with Business Insider that his "former friend" Maxwell is currently staying at his home.On Wednesday, the Daily Mail reported that Maxwell has been living and dating Borgerson, the CEO of maritime analytics company <a href="https://www.cargometrics.com/">CargoMetrics</a>, at his home in Manchester, Massachusetts. However when contacted by Business Insider, Borgerson said he's been out of the country traveling for the past week, during which no one has been living at his home.It's not clear from the Daily Mail article when Maxwell was allegedly staying at Borgerson's home - it reports that she "has been hiding out" at the home - and Borgerson did not respond to questions asking him to clarify whether Maxwell had stayed at his house before he left the country. The Daily Mail reports that Borgerson, 43 and Maxwell, 57, are in a romantic relationship, but when asked if he was dating Maxwell, the CargoMetrics CEO told Business Insider that she is a "former friend.""Ghislaine Maxwell is not at my home and I don't know where she is," Borgerson told Business Insider. "I'm passionate about ocean policy and wish people were as interested in Jones Act reform, joining the law of the sea, and funding icebreakers."Borgerson's company, CargoMetrics, was founded in 2010. The company has raised nearly $23 million from investors that include former Google CEO and Alphabet chairman Eric Schmidt, according to PitchBook.The Daily Mail also captured photos that it claims show Borgerson walking Maxwell's dog in Boston. However, Borgerson told Business Insider that the dog in the photographs is actually his, and his name is Secretary Hamilton - named after founding father Alexander Hamilton, <a href="https://taskandpurpose.com/badass-alexander-hamilton-father-coast-guard">who founded the Coast Guard</a>.The Daily Mail reported that Maxwell was a "real homebody" who had rarely left Borgerson's Massechussetts home since moving in. Borgerson's house is located on the coast in Manchester-by-the-Sea, a town in Massachusetts just north of Boston.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Joe Schildhorn/Patrick McMullan via Getty ImagesJeffrey Epstein and Ghislaine Maxwell in 2005</div></div></div>Maxwell, a British-born socialite, has long faced allegations that she <a href="https://www.businessinsider.com/ghislaine-maxwell-jeffrey-epstein-alleged-madame-2019-7">served as the madam</a> for Jeffrey Epstein, the disgraced convicted sex offender who died by apparent suicide while awaiting trial. Maxwell reportedly recruited underage girls for Epstein and allegedly participated in their abuse. At least two women who accused Epstein of sexually abusing them <a href="https://www.businessinsider.com/ghislaine-maxwell-jeffrey-epstein-alleged-madame-2019-7">sued Maxwell in 2015</a>, alleging she launched a campaign to damage their reputation and discredit their allegations.Maxwell was once an active part of New York's high-profile social scene, and was even rumored to have dated Epstein before allegedly becoming his madam. But a source told the Daily Mail that she's become the "antithesis" of her previous life of frequent partying and travelling in the wake of Epstein's trial.

Tech CEO denies that Jeffrey Epstein's alleged madam Ghislaine Maxwell has been hiding out at his house

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>Read on for details on <a href="https://www.businessinsider.com/jared-kushner-trump-campaign-shell-company-family-ammc-lara-2020-12">a shell company Jared Kushner helped create for the Trump campaign</a>, <a href="https://www.businessinsider.com/inside-amazon-care-telehealth-employers-2020-12">the inside track of Amazon's plans to provide medical care to workers at major companies</a>, and <a href="https://www.businessinsider.com/ghislaine-maxwells-husband-scott-borgerson-profile-2020-12">the untold story of Ghislaine Maxwell's secret husband.</a> Hello!2020 is showing no signs of slowing down. Here's the latest:<ul><li>STIMULUS: <a href="https://www.businessinsider.com/schumer-says-congress-could-vote-on-900-billion-stimulus-sunday-2020-12">Congress could vote on a $900 billion stimulus package today after lawmakers broke a stalemate on Fed lending.</a> You can get <a href="https://www.insider.com/">all the latest stimulus news right here throughout today and next week</a>.</li><li>CYBER WARFARE: <a href="https://www.businessinsider.com/biden-considers-russian-sanctions-retaliation-for-solarwinds-hack-2020-12">President-elect Joe Biden is reportedly considering financial sanctions and coordinated cyberattacks against Russia in response to the SolarWinds attack</a>. <keyword id="3825603" type="PERSON" weightage="60" keywordseo="president-trump">President Trump</keyword> on Saturday said "everything is well under control" and <a href="https://www.businessinsider.com/solarwinds-software-cybersecurity-breach-trump-russia-china-pompeo-technology-2020-12">shifted the focus from Russia to China</a>, <a href="https://www.businessinsider.com/solarwinds-software-cybersecurity-breach-trump-russia-china-pompeo-technology-2020-12">contradicting Secretary of State Mike Pompeo</a>.</li><li>MARTIAL LAW: <a href="https://www.businessinsider.com/trump-touted-imposing-martial-law-to-overturn-election-reports-2020-12">President Donald Trump in a White House meeting Friday touted the idea of imposing martial law to overturn the election result, according to multiple reports. </a></li><li>UK IN LOCKDOWN: <a href="https://www.businessinsider.com/covid-19-multiple-countries-close-borders-uk-fearing-new-strain-2020-12">Fears around a new variant of COVID-19 have prompted multiple countries to cancel flights from the UK.</a></li></ul>This will be the last edition of <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Insider Weekly</a> this year. Thank you for reading, have a great holiday season, and see you in 2021.<h2>Kushner helped create a Trump campaign shell company</h2>From Tom LoBianco and Dave Levinthal:<keyword id="2599781" type="PERSON" weightage="60" keywordseo="Jared-Kushner">Jared Kushner</keyword> approved the creation of a shell company that spent almost half of the Trump campaign's $1.26 billion war chest, a person familiar with the operation told Insider exclusively.Kushner directed Lara Trump, Vice President Mike Pence's nephew John Pence, and Trump campaign Chief Financial Officer Sean Dollman to serve on the shell company's board, the person told Insider.American Made Media Consultants became the source of consternation for President Donald Trump's campaign staff, who were kept in the dark about its operations. Despite its $617 million spending through AMMC, the Trump campaign publicly disclosed little information about the company, including how it used the money.Read the story in full here:<ul><li><a href="https://www.businessinsider.com/jared-kushner-trump-campaign-shell-company-family-ammc-lara-2020-12">Jared Kushner helped create a Trump campaign shell company that secretly paid the president's family members and spent $617 million in reelection cash, a source says</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/jared-kushner-trump-campaign-fbi-fec-investigation-shell-company-lara-2020-12">Lawmakers ask FBI and Federal Election Commission to investigate Jared Kushner-backed Trump campaign company after Insider's reporting</a></li></ul><h2>Amazon's healthcare dreams</h2><div type="image" title="amazon care 2x1" height="1200" width="2400" msid="79829317" hostid="261"></div>From Blake Dodge:Amazon, the $1.6 trillion retail and technology behemoth, is plotting a major move to disrupt healthcare, building on its multiyear push into the pharmacy industry.Amazon is planning to provide online and in-person primary care to workers at other companies, five people familiar with the matter told Business Insider. Two of them have direct knowledge of Amazon's plans. The people asked not to be named because they were not authorized to speak publicly.It's still early in Amazon's healthcare push, and the company has a long way to go before it can influence the highly regulated healthcare industry and win over employers who in many cases are also competitors.Read the full story, <a href="https://markets.businessinsider.com/news/stocks/teladoc-stock-price-amazon-plans-offer-primary-medical-care-2020-12-1029898805">which moved markets</a>, right here:<ul><li><a href="https://www.businessinsider.com/inside-amazon-care-telehealth-employers-2020-12">Amazon wants to provide medical care to workers at major companies. Here's an inside look at Amazon Care.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/amazon-ceo-jeff-bezos-returns-to-daily-oversight-of-the-company-2020-12">Jeff Bezos is back in the trenches at Amazon. Insiders describe working with a more deeply involved CEO.</a></li><li><a href="https://www.businessinsider.com/amazon-executives-and-jeff-bezos-are-worried-about-shopifys-growth-2020-12">Jeff Bezos and Amazon execs have discussed launching a rival to Shopify, whose meteoric rise has increasingly intruded on the online giant's turf</a> </li></ul><h2>Ghislaine Maxwell's secret husband</h2><div type="image" title="ghislaine maxwell husband 2x1" height="1251" width="2500" msid="79829318" hostid="261"></div>From Becky Peterson:Scott Borgerson's life was turned upside down by the arrest of Ghislaine Maxwell, his longtime romantic partner who is accused of child sex trafficking with Jeffrey Epstein.Business Insider spoke with Borgerson and 15 people close to the couple and reviewed public documents to understand how Borgerson's life and career intersected with Maxwell.He secretly married Maxwell in 2016, at which point his professional network expanded to include big-name investors like Google's Eric Schmidt and the billionaire hedge-fund manager Paul Tudor Jones.Borgerson left his company CargoMetrics in July after Maxwell's arrest when the board of directors found out he lied about their relationship.Borgerson, who is deeply religious, is still trying to figure out what this means for his life, he told Business Insider. Whatever he does next, he said, he wants it to be in the service of God.Read the full story here:<ul><li><a href="https://www.businessinsider.com/ghislaine-maxwells-husband-scott-borgerson-profile-2020-12">The untold story of Ghislaine Maxwell's secret husband, Scott Borgerson</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/search-jeffrey-epsteins-little-black-book-for-the-first-time-2020-7">There are 1,510 people in Jeffrey Epstein's little black book. Now you can search them all for the first time.</a></li></ul><h2>ICYMI: Fannie Mae plots a release from government control</h2>From Sean Czarnecki, Alex Morrell, and Rebecca Ungarino:Mortgage giant Fannie Mae is angling to pull off an 11th-hour exit of government conservatorship before Donald Trump leaves the White House. The effort is considered a long shot, but senior leaders at the agency have directed employees to be prepared to work over the holidays if a decision is reached on the matter.Employees were notified last week an announcement regarding the release could come over the holiday season and could include "questions that need to be answered quickly."Read the full story here:<ul><li><a href="https://www.businessinsider.com/fannie-mae-exit-conservatorship-employees-trump-mnuchin-freddie-mac-2020-12">Fannie Mae is asking key employees to be prepared to work through the holidays as the mortgage giant plots a potential 11th-hour release from government control</a></li></ul><h2>BONUS: Startups set to boom</h2>Berber Jin and Aaron Holmes asked investors at top venture capital firms to name the startups that will boom in 2021.Each VC was asked to name two startups: one that they invested in; and one where they have no financial ties or any other interest, but believe will do well. Check out the full list here:<ul><li><a href="https://www.businessinsider.com/vcs-name-the-startups-that-will-boom-in-2021-2020-12">81 startups that will boom in 2021, according to the startup experts</a></li></ul>Here are some headlines from the past week that you might have missed.- Matt<a href="https://www.businessinsider.com/airbnb-doordash-tried-to-reinvent-going-public-and-went-wrong-2020-12">Inside a failed attempt to reinvent the IPO process with Airbnb and DoorDash</a><a href="https://www.businessinsider.com/tony-hsiehs-june-psychotic-break-was-a-turning-point-2020-12">Tony Hsieh suffered a 'psychotic break' on a bus trip in late June. It led loved ones to attempt interventions and paved the way for his Zappos resignation.</a><a href="https://www.businessinsider.com/stock-picks-to-buy-2021-best-growth-value-investing-jpmorgan-2020-12">JPMorgan unveils its 50 'most compelling' stock picks to buy for 2021 - and details why each one will be a top performer</a><a href="https://www.businessinsider.com/top-talent-managers-for-youtube-creators-management-companies-list-2020-12">The top 25 talent managers for YouTube creators who help clients navigate an ever-changing industry and build lasting businesses</a><a href="https://www.businessinsider.com/climate-tech-startups-to-watch-in-2021-according-to-vcs-2020-12">The 46 top climate-tech startups to watch in 2021, according to VCs</a><a href="https://www.businessinsider.com/inside-pornhub-parent-company-mindgeeks-moderation-process-2020-12">Former Pornhub moderators describe lax rules while being ordered to watch up to 1,200 videos per day: 'Our job was to find weird excuses to keep videos on our sites'</a><a href="https://www.businessinsider.com/winners-and-losers-of-reorganization-at-advertising-company-dentsu-2020-12">Ad giant Dentsu is going through a massive culling of its agencies - here's what we know about the winners and losers</a><a href="https://www.businessinsider.com/mcdonalds-franchisees-vote-to-give-corporate-silent-treatment-protest-costs-2020-12">95% of McDonald's franchisees vote to cut all 'non-essential' contact with corporate in protest over millions in new costs</a>

Jared Kushner approved the creation of a shell company that spent almost half of the Trump campaign's $1.26 billion war chest, source says

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Samantha Lee/Business Insider</div></div></div><ul class="summary-list"><li>Hedge funds' margins are under pressure as fees decrease and expensive alternative data becomes table stakes.</li><li>With the industry maturing, some of the biggest managers have expanded their businesses beyond just investment strategies, including spinning off companies that could help their rivals with data processing, back-office work, and trading. </li><li>Managers like Brevan Howard and Winton Group have spun out companies that sell data services and artificial intelligence to their competitors. Meanwhile, data companies that sell their datasets to alternative managers have launched their own hedge funds. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>In the cutthroat world of hedge funds, where the egos of billionaires create intense inter-firm rivalries, giving a competitor a leg up is unheard of. Yet as margins shrink and outflows continue, some large hedge funds like Winton Group and Brevan Howard are spinning out companies focusing on artificial intelligence and data collection. The underlying reality of these businesses is that they are recruiting their parent companies' competitors to be their clients - a sticky situation for both sides. For funds looking to sell plug-and-play technology or data cleaning tools, there's the chance the proprietary tools used to push you into the top tier of the industry will now be available to your peers. And for investors who are thinking about integrating competitors' tech into their systems, paranoia about the divide between the tech company and its hedge fund parent is not unusual. "Inevitably, a key potential client base for Hivemind is other investment management companies although we by no means see that as the limit of Hivemind's applicability," said Daniel Mitchell, CEO of Winton Group's Hivemind, in an email to Business Insider. See more: <a href="https://www.businessinsider.com/hedge-fund-managers-in-the-big-short-fired-by-citadel-2019-3">A bunch of hedge fund managers featured in 'The Big Short' are among the casualties of Citadel's most recent cuts</a>Mitchell's company has gotten funding from Barclays and Fidelity International, and uses machine learning and "crowdsourced human intelligence" to make complex datasets understandable.The company believes it is no different than any other third-party company a manager would use despite the close ties to the London-based hedge fund, Mitchell said."Although occasionally potential clients question the closeness of our relationship with Winton we assure them that we don't see our position as being different from that of any other software provider who might sell to multiple firms who compete."Other examples of spun-off companies D.E. Shaw's Arcesium, a back-office technology firm, and Brevan Howard's Aim2, an artificial intelligence platform that Nomura is using on its trading desk. Point72 founder and billionaire Steve Cohen invested in <a href="https://www.quantopian.com/get-funded">crowd-sourced quant platform Quantopian</a>, which gives anyone the ability to write their own investment algorithm with the chance that it could be licensed by Quantopian - a potential competitor to Point72's Cubist arm. However, there is a substantial difference between renting out operational technology and selling your alpha-generating data.Yet, as leagues of <a href="https://www.businessinsider.com/web-scraping-by-hedge-funds-is-growing-rapidly-2019-2">web-scraping bots and alternative-data companies</a> pump more information into hedge funds than ever before, one consultant foresees a future where hedge funds with a sizable data collection organization begin to profit off the sale of their library, and not through a spun-off company. Opimas said in a report it expects funds to resell "their information that they have gathered through web-scraping" though there doesn't appear to be any fund that is doing this or has expressed interest in it - yet.<h2>Data-sharing the next step?</h2>Information has always been the name of the game for hedge funds that constantly are under pressure to squeeze every possible basis point out of every trade. One of the key reasons hedge funds are planning to spend billions scraping websites and buying datasets based on satellite images is because this niche data is something their competitors don't have. It begs the question why any hedge fund would be willing to sell to their competitors."Data, and how managers manipulate it with their own processes, is the only secret sauce left," said Shannon Murphy, head of strategic content in Jefferies <keyword id="46801" type="COMPANY" weightage="60" keywordseo="prime">prime</keyword> services unit.The biggest advantage of one of the most successful hedge funds in history, Renaissance Technologies, is its "massive data library" that it doesn't share, according to Robert Frey, the CIO of fund-of-funds FQS and a former managing director at Renaissance Technologies."Data is the lifeblood of a quant system," said Frey, who doesn't see the benefit to the fund in selling data. See more: <a href="https://www.businessinsider.com/hedge-fund-managers-are-eyeing-regulatory-scrutiny-in-alternative-data-2019-2">Hedge funds are spending billions to get an edge through access to satellite images and credit-card transactions. Now they fear a crackdown's coming.</a>Yet others see it as a way to make money off a common resource while keeping your recipe secret - like charging someone for flour and eggs but not telling them how to make a cake."No one's ever going to crack the code of how you're using it internally," said Greg Skibiski, CEO of Thasos, an alternative data company that sells datasets based on location data of cell phones to hedge funds."This is a tool to get information, you extract a lot of info back from the market - who is working on what and where are they looking."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business Insider</div></div></div>With the top funds all using the same alternative data providers, like Nasdaq's Quandl, the data becomes less exclusive and more like table-stakes - giving funds a chance to repackage the data and sell it to smaller competitors - recouping some of the costs required to get it in the first place. Goldman Sachs has embarked on a version of this vision with its <a href="https://www.businessinsider.com/goldman-sachs-marquee-platform-2018-11">Marquee trading platform</a>. The bank is <a href="https://www.businessinsider.com/goldman-sachs-developing-subscription-service-around-data-2019-3">exploring a subscription-like service</a> where users could get risk analytics, data, research, and more from the platform, without having to contact anyone at Goldman for it. TwoSigma has joined Goldman and Citi in investing a company called Crux Informatics, which cleans and analyzes datasets for financial services firms, which would presumably include competitors of the hedge fund and the two banks. The goal is for Crux to "democratize, if you will, and reduce the cost of certain kinds of data," says Alfred Spector, the chief technology officer for TwoSigma."We don't view it as a competitive advantage, and we'd rather just do it effectively and facilitate it across the industry."<h2>Trusting your competition</h2>The concern about working with a competitor goes both ways, industry participants say.For buying a competitor's data, specifically, Frey said he would worry about "the good data they aren't going to release because it's good data and they want to use it for themselves."There's been no hedge fund that matches Opimas' prediction created yet, though there has been databases that have transformed into hedge funds.See more: <a href="https://www.businessinsider.com/hedge-funds-watching-linkedin-lawsuit-on-web-scraped-data-2019-3">Hedge funds are watching a key lawsuit involving LinkedIn to see if they can spend billions on web-scraped data</a>Financial Risk Management was one of the first hedge fund databases, and then began managing money on their own, getting up to $8 billion in assets before being bought by Man Group in 2012. CargoMetrics Technologies launched a hedge fund in 2016 based on its proprietary satellite shipping data that it had been selling to hedge funds.But investors can be wary of these set-ups. In 2014, financial technology firm Incapture Technologies launched a hedge fund, backed by former Barclays CEO Bob Diamond, and eventually ran $150 million in assets before <a href="https://www.bloomberg.com/news/articles/2015-08-05/bob-diamond-backed-incapture-shuttering-150-million-fund">closing after a year</a>, as investors were concerned about Incapture selling the proprietary technology it used in its hedge fund to competitors.Mitchell of Hivemind believes the fears of misuse of data or internal strategy overlooks one of his company's main jobs. "It's a key responsibility of any software company irrespective of their origins to be extremely careful not to allow confidential information to leak from one client to another," he said. Still, the idea that any firm would help another - no matter how indirect -raises some eyebrows. "Why would I make it easier for my competitors?" Frey said."I don't understand it." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/goldman-marcus-executive-speaks-on-apple-card-2019-6">WATCH: A Goldman Sachs Marcus exec explains why Apple is the perfect partner for their new credit card</a></h3> <div> </div> </div>

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