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Old Mutual Asset Managers (UK) Ltd has hired Paul Simpson and John Dow to launch a statistical arbitrage hedge fund.
Simpson and Dow previously worked at Millennium Capital Management, where they were the joint managers of a statistical arbitrage programme. Prior to that, they worked together at a number of banks and investment management houses, including HSBC, DPFM, Rabobank and UBS, and have extensive experience of arbitrage trading strategies and risk management. 
Simpson and Dow will form part of OMAM's Quantitative Strategies team, headed by Eoin Murray.  With the team's global equity market neutral strategy having reached USD 1.8 billion of assets under management and closed to new investors, these new hires are part of OMAM's plans to further develop this team and the company's products.

As well as the planned launch of a new statistical arbitrage fund focused on European equities later this year, OMAM also plans to launch a long/short fund managed by the Quantitative Strategies team that selects stocks on a global sector basis
'We are delighted that Paul and John have joined us,' says Peter Baxter, OMAM's chief executive. 'They are highly talented individuals with a very strong performance track record and considerable experience of managing statistical arbitrage strategies, risk management and developing trading platforms.
'With our global equity market neutral programme approaching USD 2 billion, the addition of Paul and John alongside our other plans to launch a global sector fund, represents a significant step forward in the development of the Quantitative Strategies part of our hedge fund platform. Paul and John will initially focus on installing their trading models, before launching a new fund later this year.'

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