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JPMorgan Boosts Speed Trading Veteran’s $1 Billion Quant Fund

  • Tradeworx founder Manoj Narang plans January open for new fund
  • JPMorgan alternative asset management to take minority stake

A veteran high-speed trader’s quantitative hedge fund raised almost $1 billion, bucking an industry malaise, and won the backing of JPMorgan Chase & Co.’s investment arm.

The firm, Mana Partners, will begin trading Jan. 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.