Quant trading firm Vatic Investments, which takes 'inspiration' from systematic hedge fund firm Renaissance Technologies, has hired a new team to trade statistical arbitrage strategies using client money, according to a report by eFinancial Careers.

The move comes two years after the firm's last Head of Statistical Arbitrage, Allen Poteshman, left a year after being appointed in 2021.

Vatic has reportedly appointed the new traders, but the team is not yet operational, possibly as a result of non-compete clauses with its previous employer.

The new team of stat arb traders is expected to work alongside the existing high frequency trading team at New York-based Vatic.