State Street Global Alliance created SSARIS, a new manager that will invest in absolute-return strategies for institutional clients. SSARIS is the result of the acquisition today of virtually all of the assets of RXR Group, a quantitative manager with $335 million in assets under management. Terms were not disclosed.
SSARIS will offer hedged equity, hedged fixed-income and global macro strategies. The firm also will develop a fund-of-funds capability and plans to incubate new managers. Mark Rosenberg, who was chairman and CIO of RXR, will assume the same duties at SSARIS. James F. Tomeo will serve as COO and senior portfolio manager, and Peter A. Hinrichs will be CFO at SSARIS, the same jobs they held at RXR.