Automation is taking over many highly paid jobs around the world and money management may be no exception. One illustration of this phenomenon is quant funds. A quant fund is one in which the investment decision or the stock selection is done according to predetermined rules based on a statistical or mathematical model. Unlike active funds where a fund manager chooses his investments and the timing of entry and exit, quant funds rely on an automated program to make these decisions. But a quant fund manager may not be entirely hands off like an index fund manager. He often designs and monitors the model that throws up the portfolio choices.