Hedge funds' margins are under pressure as fees decrease and expensive alternative data becomes table stakes. 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. 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. Click here for more BI Prime stories.