(Bloomberg) – State Street Corp. is starting a hedge fund that will bet on macroeconomic events, part of an effort to expand its $2.37 trillion money-management arm beyond lower-paying passive strategies.
The strategy, run by Michael Ho and Lisa O’Connor, mostly makes directional bets on and against stocks, bonds, currencies and commodities globally, confirmed Anne McNally, a spokeswoman for State Street. The fund, seeded by State Street with $50 million at the end of 2013, this month won its first outside investor, Hartford HealthCare’s pension and endowment, which put in $33 million.
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