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Hedge Fund Man Group Said to Shut Quant Incubator After a Year

  • Five money managers said to depart firm following closure
  • Quant trade unit was set up to develop new money-making ideas

Man Group Plc has shut a quantitative trading unit after deciding to focus on other strategies, according to a person with knowledge of the matter.

The “quantitative incubating” unit, part of Man Group’s $18.8 billion AHL division, was opened about a year ago to develop new ways to make money, the person said, asking not to be identified because the information is private. The Oxon unit, led by Francois Moreau and Jaco Vermaak, gave internal capital to individual fund managers to use mathematical models to trade across asset classes. Moreau and Vermaak will stay at the firm and the five money managers at the unit have left, the person said.