SHANGHAI (Reuters) - British investment firm Man Group PLC said it has launched a hedge fund in China, becoming the first foreign firm to run a quantitative investment fund in the country.
The fund's strategy will be "systemic trend following", Man said in a statement without disclosing its size. It will be run by a wholly foreign-owned subsidiary in Shanghai, Man said.
The strategy will leverage Man's "quantitative investing expertise, combining this with our local investment capabilities to serve the needs of Chinese investors," Man Group's China chairman Li Yifei said in a statement dated Dec. 8.
The fund will initially invest in Chinese futures including agricultural commodities, industrial commodities, bonds, metals, energy and stock indices, Man said.
In January, Fidelity International became the first global asset manager permitted to launch investment products in China through a wholly owned local subsidiary.
(Reporting by John Ruwitch; Editing by Christopher Cushing)