Old Mutual Asset Managers has announced plans to start a statistical arbitrage hedge fund, which will mainly focus on European equities. The firm has also hired Paul Simpson and John Dow of Millennium Capital Management, according to a U.K. publishing group Citywire.

 

Peter Baxter, Old Mutual Asset Managers' chief executive, disclosed that Simpson and Dow will first install their trading models before actually launching the new hedge fund later this year. The two men will be joining the firm's quantitative strategies team, which is headed by Eoin Murray.

The firm said that these new appointments are part of the firm's plans to expand the team and their products.

Separately, the firm plans to start up a long/short fund that will select stocks on a global sector basis.

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