US investment firm picks Kandy as its training and research centre
View(s):Wisewel LLC, an investment research firm based in Cleveland, US has set up a company in Kandy named Wisewel Sri Lanka to develop a team of Data Scientists and Quantitative Analysts to support its US operations. In a media release, Managing Director of Wisewel, Chandika Jayawardane, based in the US, says that their primary objective is to build algorithms to identify investment and trading opportunities in the currencies, equity and financial derivatives in the global markets.
Sri Lanka has a talent pool that could be effectively trained to function and excel in this field, he said adding that Kandy was picked at the first choice to start operations because of low risk of employee turnover and the high quality of candidates coming out of educational institutions such as the University of Peradeniya. Wisewel is working closely with the Department of Statistics and Computer Science of the University of Peradeniya. Recently the company recruited four university undergraduates as interns to train them on the algorithm development process.
These interns will be guided by Charith Wickramasinghe, an Investment Analyst based in Kandy Wisewel recently held a seminar in Kandy which was facilitated by its Chairman, Dr. Ananda Jayawardane through a videoconference linkup from the US. Dr Jayawardana explained the strategies used for training and development of new recruits and highlighted how the trainees will benefit from working for a US based financial organisation such as Wisewel.
Dr. Roshan Dharshana Yapa and Dr. Prabath Gunathilaka of the Department of Statistics and Computer Science at the University of Peradeniya explained what an algorithm is, its development process and uses. They said that it is a computer program developed after carrying out research on the behavioural patterns in the financial sector, and algorithms can be used to make investment decisions in a few seconds. They also added that the University of Peradeniya intends to build a Data Science Centre in the future.