The fund management unit of State Street has hired a head of research for a new group that is working on developing products that are a hybrid of hedge fund and smart beta strategies.

James Lewis, a former managing director at BlackRock, joined earlier this month as head of research for State Street Global Advisors' alternative exposures group, according to Greg Ehret, who was this week named president of SSgA. The group will take a variety of different investment risks and exposures using both long-only and long/short systematic strategies.