Britain's Man Group sets up standalone HK CTA trading team

SINGAPORE May 27 (Reuters) - British alternative investment firm Man Group said on Friday it has set up a standalone CTA trading operation, or a unit that bets on trends in the futures market, in Hong Kong by doubling the staff at one of its divisions.

Man's AHL division, a quantitative managed futures manager, now has 11 staffers in Hong Kong to cover 49 Asian markets and trade around $4 billion a day. The AHL team in the former British colony previously employed five people.

"The AHL Asia desk will cover the Asian trading session, with a seamless handover to a London team for the European open," Man said in a statement.

CTA stands for commodity trading advisers and refers to hedge funds that bet on futures. (Reporting by Kevin Lim)