NEW YORK (July 24): When it comes to gaining that elusive trading edge, data is fast becoming the new frontier whether it comes from Fitbits, Rokus and Teslas or employment websites like Glassdoor.com.

That’s why some of the world’s biggest hedge funds, from Steve Cohen’s Point72 Asset Management to Ken Griffin’s Citadel, have been snapping up large swaths of alternative data. Many are paying big money for it.

“There is not one major hedge fund or asset manager that doesn’t have data initiatives underway or that are not using alternative data in some way,” said Michael Marrale, chief executive officer of M Science, a firm that provides data and analytics to hedge funds.

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