Barclays Staffing Up New Fund-of-Funds Biz

Barclays Global Investors is looking to hire 20 people by yearend to staff its newly-created fund-of-hedge funds business, the BGI Alpha Management Group.

Tom Taggart, spokesman, said BGI, which is already one of the largest direct hedge fund managers with $13.5 billion in assets under management, decided to enter the fund-of-funds space because after conducting research, the firm felt it could utilize its quantitative and scientific approach to managing money to select external managers who could successfully deliver alpha.