Galapagos Capital, a hedge fund based in São Paulo, Brazil, is to recruit a six-strong team to support the launch of a new US-registered macro fund focused on emerging markets in 2023, according to a report by BNN Bloomberg.

Galapagos Capital, a hedge fund based in São Paulo, Brazil, is to recruit a six-strong team to support the launch of a new US-registered macro fund focused on emerging markets in 2023, according to a report by BNN Bloomberg.

The report cites chief investment officer Sergio Zanini, who oversees liquid strategies for the $2.8 billion firm's asset management arm, as confirming that its is looking to hire four portfolio managers and two research strategists for the launch, with the new team set to be based in Miami.

The fund, which will target international investors, is expected to launch in the first quarter of next year with about $300 million initially, and has capacity for around $1 billion in the short term.

Earlier this year, Galapagos, whose Evolution fund is up about 14% so far this year, hired Jaime Valdivia from BlueCrest Capital Management to be based in Miami as chief economist.