PAG, a Hong Kong-based alternatives investment manager, announced Tuesday it hired a Geneva-based quantitative investment and research team that previously worked at Pictet Group.
A PAG news release Tuesday said the team will launch a new business for the firm, PAG Investment Solutions, "applying quantitative techniques to fundamental investments."
The investment team will be led by Edgar van Tuyll, formerly chief quantitative strategist at Pictet. The news release said other members of the Pictet team joining PAG Investment Solutions include Wanfeng Yan, Guillaume van Baalen, Mingxi Wang and Eyal Hanouna. The team managed about $1 billion at Pictet.
Frank Renggli, a Geneva-based spokesman for Pictet, couldn't immediately be reached for comment.
Chris Gradel, a PAG founder and chief investment officer of the firm's absolute-return business, said in an email that the new team is "highly complementary to our existing hedge fund strategies," and its expertise will be harnessed "to further enhance existing portfolios as well as selectively launch stand-alone products over time."
PAG manages $19.5 billion in hedge fund, real estate and private equity strategies.