Bloomberg News reports that the firm, Mana Partners, will begin trading January 1, according to Chief Executive Officer Manoj Narang. Clients of JPMorgan’s alternative asset management division took a minority stake in Mana Partners and intend to invest in its first fund, said Kristen Chambers, a spokeswoman for the bank.
Narang’s project comes at a time of reckoning for the money management industry, beset by sluggish returns. The first half of 2016 was the slowest for new hedge fund launches since 2009, with 406 hedge funds starting, according to Hedge Fund Research. Long a fixture in the high-speed trading community, Narang wants to defy the trend, combining two different strategies: high-speed trading and a more traditional stock-picking technique known as statistical arbitrage.
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