In depth knowledge is needed to as the investment algorithms employ advanced optimization methods using the latest academic insights.
A good description of the history of hedge funds can be found in the book "More Money than God".
[3][4] After the sub-prime mortgage market turbulence, which cast long shadows over many parts of the financial industry, the total mutual fund asset that employ quantitative model is estimated to be over US$400 billion at the end of June 2016.
[6] Many quantitative funds were able to deliver high long-term risk-adjusted returns profiting from the positive exposure of factors such as value, momentum, low-volatility and quality.
The largest asset managers such as 'big three' BlackRock, State Street, and Vanguard also offer quantitative funds to investors.