Andreas Steno Larsen, a former Nordea strategist and founder of the macro research firm Steno Research, is launching a new hedge fund – Asgard-Steno Global Macro Fund – in partnership with Danish hedge fund manager Asgard Asset Management.

The new fund, which will adopt a global macro strategy, combining Steno Research’s macroeconomic insights with Asgard’s expertise in risk premia strategies, is set to launch on 1 December, according to a joint press release from the Partners.

Additionally, the fund will leverage AI-driven pattern recognition to invest across multiple asset classes, including currencies, interest rates, equities, and commodities, to capitalise on market inefficiencies. The partners are targeting annual returns of 10-15%, with the fund focusing on highly liquid instruments, allowing investors the flexibility to enter or exit on a monthly basis.

"Establishing a hedge fund that fuses cutting-edge technology with proven macroeconomic models to deliver strong returns while mitigating risk is the culmination of everything I’ve strived for," Steno stated in the press release.

Larsen, who gained prominence in Denmark’s financial sector, will serve as the fund’s Chief Investment Officer (CIO), managing the fund alongside Chief Portfolio Manager Claus Hornsleth, an experienced hedge fund trader with previous roles at Danske Bank Asset Management and Brevan Howard.