MAN GROUP’S fund of hedge fund business FRM has seeded its second start-up hedge fund since its acquisition by Man last year, it said yesterday.
FRM, which makes investments into early-stage hedge funds, will give money to CommEq Asset Management and help grow its business. CommEq was co-founded by tech entrepreneur Christofer Solheim, alongside Gotz von Groll and Chris Shaw. It uses artificial intelligence systems to help predict investment and market patterns.
The $25m (£16.2m) commitment is the second deal since FRM was acquired by FTSE-250 listed Man last July. FRM made its first post-Man commitment in January by investing in Hong Kong-based Arena Capital Management.
A further three deals could be on the cards over the next six months, FRM head of seeding Patric de Gentile-Williams said yesterday.