State Street Global Advisors is significantly expanding its hedge fund operations and will launch a multistrategy hedge fund in the first or second quarter, said Jane Tisdale, managing director of hedge fund strategies. The new fund will initially use SSgA's seven existing single-strategy hedge funds, the latest of which was launched at the end of September using a fixed-income absolute-return rate strategy. But as part of a "significant initiative," SSgA is searching for individual investment managers and teams who can add additional strategies to the hedge fund platform, Ms. Tisdale said.
"We will continue to add new investment strategies to the multistrategy fund and may launch new funds as well. We won't stop at 20 strategies or anything like that. The hedge fund space is growing and changing all the time, and we will need to adapt along with it," Ms. Tisdale said.
In addition, the firm will hire operations, compliance and information technology support staff for its Boston and London hedge fund offices, Ms. Tisdale said. She declined to say how many additional staff members SSgA is seeking.
As of Dec. 31, SSgA managed about $4 billion in hedge funds and funds of funds, or 0.27% of its $1.4 trillion in global assets.