Macquarie Capital, the investment banking and fund management arm of the Australian bank, has hired a hedge fund team from South Africa-based commodities manager Craton Capital, taking the number of deals in the alternative investment industry to three this week as the sector puts one of its worst months in the past decade behind it.

Macquarie, which specialises in infrastructure sector funds, is building a new materials and energy funds-oriented business, a spokeswoman in London confirmed.