Andrew Manuel, a co-founder of the $2.5 billion hedge-fund firm LMR Partners LLP, is preparing to start his own global macro hedge fund with two partners later this year, according to two people with knowledge of the matter.

Manuel left LMR in 2015 and is setting up Ixworth Capital LLP in London, said the people, asking not to be identified because the information is private. The ex-Goldman Sachs Group Inc. trader will be joined by former LMR colleague Sebastien Di Meo, who most recently worked at Symmetry Investments, and Jonathan Ridgway, who used to work for Barclays Plc, the people said. Manuel declined to comment.

While hedge-fund startups are becoming rarer in Europe because of mounting costs and investor reluctance following poor performance, some macro fund managers with a track record of making money have raised billions of dollars this year. Glen Point Capital, an investment firm started by former BlueBay Asset Management money managers Neil Phillips and Jonathan Fayman, raised almost $2 billion.

Macro hedge funds, which follow economic trends and bet on everything from bonds to currencies, gained 3.7 percent this year, outperforming the near 3 percent average for money managers globally, according to data from Hedge Fund Research Inc.

Manuel co-founded LMR with former UBS Group AG traders Benjamin Levine and Stefan Renold in 2010.

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