A trio of Long-Term Capital Management alumni, including a co-founder of the notorious hedge fund, has reunited to found a new quantitative hedge fund.

Rye Brook, N.Y.-based Quantitative Alternatives is the brainchild of LTCM co-founder Eric Rosenfeld, along with former LTCM CFO Robert Shustak and Controller Bruce Wilson, according to Bloomberg News. The new venture has not started trading, but is reportedly actively recruiting employees and pursuing investors, as well as partnerships with banks, pensions funds and other financial institutions.

After LTCM collapsed in 1998, Rosenfeld and fellow LTCM co-founder John Meriwether continued to work together at Meriwether’s post-LTCM hedge fund venture, JWM Partners, for six years. Most recently, he served as president of Greenwich, Conn.-based Paloma Partners, leaving in 2006.

Rosenfeld is undoubtedly hoping to follow in Meriwether’s footsteps rather than those of another LTCM co-founder, Nobel Prize winner Robert Merton, whose Integrated Finance Ltd. shut down its hedge fund after only a few months last year.