Rayliant Global Advisors, an Asian quant manager founded and led by smart-beta pioneer Jason Hsu, has bought small UK wealth manager Henderson Rowe.

Hsu, known for his work with Rob Arnott at Research Affiliates in 2005 developing the firm's “fundamental indexing” strategy — one of the first alternative index funds — set up Rayliant in Hong Kong in 2012. It has $24bn under management.