BlueMountain Capital Management, a $21bn New York hedge fund that is expanding its equities strategies, has recruited a portfolio manager from a rival to run its investments in financial stocks.

Mahmood Reza, a partner at Omega Advisors who started out as a financials analyst at JPMorgan, joined BlueMountain on July 9, the firm said in a statement. He reports to Lance Rosen, who arrived as BlueMountain’s new head of equities last year.