Man Group adds to FX team strength with hire from IKOS
Man Group has hired Ravi Chari from IKOS as the new co-head of FX at its flagship computer-driven AHL fund, adding to its research team of about 100, and doctorate-holder count of over 40.
The position is newly created, and Chari will join David Denison, who was the sole head of FX for AHL, and will share the role.
Chari (pictured) brings with him 12 years’ experience in systematic trading at hedge funds, most recently at IKOS Asset Management, where he was head of the group’s futures and FX funds.
He also brings a doctorate in probability theory from Michigan State University.
Before he joined IKOS, he was a portfolio manager at Millennium Partners, running its FX strategies.
He has also worked at Millennium, and Caxton Associates for two years.
Tim Wong, chief executive of the $21bn AHL program, said: “We are pleased to be strengthening the team at AHL with someone who has such a wealth of experience in systematic trading.”
AHL trades in more than 300 instruments across various asset classes, and it is provided in both offshore and onshore formats.
At the end of last year about 19% of its risk was contributed by FX, second only to bonds, which contributed 19.4% of the total budget.
Examples of its FX activity range from G7 tenders to commodities currencies, the Hungarian forint and South Africa’s rand.
AHL was founded in 1987, two years before Man bought a majority stake in it, and seven years before Man finally took complete control.
Between March 2006 and the end of last year its AHL Diversified variant made 820.6%, compared to 106.2% from global shares and 153.2% from global bonds. This translates to an average annualised return of 15%, compared to 4.7% from shares and 6.1% from bonds.
AHL’s investors have, however, had to stomach slightly higher volatility than that of equities over the period.
Although the reliance on AHL by its $58bn parent has lessened since Man bought discretionary manager GLG Partners in 2010, it is still a cornerstone of the group’s fortunes.