LONDON (Reuters) - British hedge fund ISAM, founded by ex-Man Group (L:EMG) chief executive Stanley Fink, said on Monday it had launched a new currency brokerage service for institutional clients, named IS Prime.
The new unit would provide retail brokers, asset managers, banks, hedge funds and family offices with a range of services including risk management, access to prime brokerage services - for example lending money - as well as trading liquidity.
The business would be led by Jonathan Brewer and Raj Sitlani, who join from Sucden Financial, ISAM said in a statement.
"The launch of IS Prime, allows us to capitalise on the partnership template between a hedge fund and brokerage business, that I realised during my tenure at Man Group," CEO Fink said.
ISAM is known largely for its trend-following hedge fund, ISAM Systematic, which is up nearly 30 percent in the year to date, the company said in the statement. ISAM manages around $675 million, the company said on its website.
(Reporting by Simon Jessop; editing by Nishant Kumar)