CORRECTED-UPDATE 1-Ex-Renaissance MD Frey returns with new fund
* Frey left Renaissance in 2004
* New fund will use quantitative systems and investment team
* Raised $350 million, targets 10-15 percent annual return
(Corrects job title to managing director from investment head in paragraph 1, removes "co-founder" in paragraph 3)
LONDON, Nov 16 (Reuters) - Robert Frey, former managing director at Renaissance Technologies, one of the world's biggest and most profitable hedge funds, is returning to the industry with the launch of a new fund.
Frey Quantitative Strategies is launching the Frey Multi-Strategy fund of hedge funds with an expected $350 million in assets, the firm said in a statement on Monday. Managing director of Renaissance from 1992 until he left in 2004, Frey is a well-known academic in quantitative finance, working as a research professor at Stony Brook University in New York.
He also developed the Nova fund, an aggressive high-frequency fund that traded U.S. equities and was absorbed into Renaissance's Medallion fund in 1997.
Frey has spent the past 18 months travelling the world to recruit hedge fund talent for his new venture, the firm said.
Frey Multi-Strategy will aim for returns of 10-15 percent with volatility of 5-7.5 percent and be managed partly by a proprietary computer-driven model, run from the United States, and partly by an investment team in London.
Renaissance, which runs around $17 billion, invests solely according to computer models. Its Medallion Fund has been among the industry's most consistent performers. (Editing by Dan Lalor)
