Peak6 Advisors has garnered $1 billion for its second hedge fund.
The Chicago-based firm, the asset-management arm of Peak6 Investments, launched the Achievement Fund in September. The new fund is managed by Joe Scoby, who became head of Peak6 Advisors last January, and will employ a systematic options strategy similar to the one he led at O'Connor & Associates for a decade, before leaving that firm in 2010, Crain's Chicago Business reports.
At Peak6, which was founded by a pair of O'Connor veterans, Scoby said he aims to boost assets under management to about $3 billion by 2015. The firm's existing hedge fund, the Performance Fund, currently manages $425 million.
About three-quarters of investors in the new Performance Fund are institutional, primarily from the U.S.