Man Group’s fund of hedge funds arm Financial Risk Management has seeded a start-up firm.
London-based Man announced in a statement Tuesday that FRM will make an undisclosed investment in CommEq Asset Management. FRM will also help CommEq launch an institutional asset management business.
Patric de Gentile Williams, the head of seeding at FRM, said that that the firm believes that CommEq has developed an “innovative systematic platform…that may be attractive for investors looking for highly liquid, systematic, relative value investment strategies.”
Man, the world’s largest publicly traded hedge fund, acquired FRM last year for $142.8 million. Founded by Norwegian technology entrepreneur, Christofer Solheim, CommEq “seeks out previously under-explored, unstructured data sources and data streams that it believes have the potential to significantly influence the perception of corporations.”