Systematica Investments, the $8bn hedge fund run by ex-BlueCrest Capital manager Leda Braga, has quietly launched its first dedicated fund targeting relative value trading opportunities.

The Systematica Macro RV fund was launched on June 12 with partner capital and has not yet begun marketing to external investors.  The fund, which will run most of its risk in relative value strategies, represents a “departure from the more directional approach to macro” typically deployed by commodity trading advisers, according to Braga.