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Bailey McCann, Opalesque New York:

Boston-based quantitative finance firm PhaseCapital has been on a bit of a hiring spree. As Opalesque reported earlier this month, the company brought on Michael Ning as CIO. Ning most recently served as Senior Vice President and Portfolio Manager, Multi-Asset Absolute Return Strategy at First Eagle Investment Management. Prior to this, he was Senior Vice President and Portfolio Manager, Absolute Return Strategy and Head of Quantitative Credit Research with AllianceBernstein. Ning will join fellow AllianceBernstein alum Michael DePalma, who was named CEO of the firm in September of last year. Together, Ning and DePalma will work on taking the firm's risk-based allocation strategy to market.

"PhaseCapital is really a technology company that became an asset manager," DePalma said in an interview with Opalesque. The firm was founded in 2007 by a team of financial professionals and academic researchers in order to develop quantitative financial systems. The firm is also backed by Jim Pallotta, CEO of Raptor Group Holdings and owner of Italy's AS Roma soccer team, as well as a co-owner of the Boston Celtics basketball team. From 2007 to 2011, PhaseCapital developed a statistical arbitrage strategy, a high frequency trading platform, and also acted as a market maker of equity listed securities.

In 2011, PhaseCapital spun out its high-frequency trading and market making operations. Since then, portfolio managers have been foc......................

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