Stuart Davies joined alternative investment manager Magnetar Capital as head of business development for the firm's systematic hedge fund unit, said a news release Thursday.
The position is new. Mr. Davies started Aug. 16 and is based in the firm's Evanston, Ill. headquarters, spokeswoman Tricia Quinn confirmed in an email.
"Our systematic investing business is seeing an increase in demand for our products and solutions as investors continue to adopt our belief that systematic hedge fund returns are a critical portfolio component," said Alec Litowitz, Magnetar's founder, CEO and head of systematic investing, in the news release.
Mr. Davies is "one of the true innovators in the systematic alternatives space and innately understands investors' wants and pain points. I know our clients will utilize him as a strategic, trusted adviser," Mr. Litowitz added.
Mr. Davies was co-head of AllianceBernstein's AB custom alternative solutions business where he "worked closely with large global institutions to design and implement customized alternative solutions that incorporated systematic strategies," the Magnetar news release said.
Jennifer Casey, an AllianceBernstein spokeswoman, did not respond to requests for information about Mr. Davies' successor.
Magnetar managed $13.8 billion in an array of alternative investment strategies as of June 30.
