Frey returns to fray with new hedge fund

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Frey has spent the past 18 months assembling a team from around the world for his new venture, to be called Frey Quantitative Strategies. His Frey Multi-Strategy fund of hedge funds is launching with an expected $350 million (£209 million) in assets.

The academic best-known for quantitative finance, where multiple complex algorithms run by computers advise on trading strategies, helped set up Renaissance and was its managing director from 1992 until he left in 2004.

He also developed the Nova fund, an aggressive high-frequency trading fund that invested in US shares and was absorbed into Renaissance's Medallion fund in 1997.

Frey Multi-Strategy will seek returns of 10%-15% and will be managed partly by a computer-driven model run from the US and partly by a team of investment professionals in London.