Minnesota-based technology-turned-holding firm Imation has introduced a new investment advisory subsidiary GlassBridge Asset Management that will focus on quantitative equity strategies.

Imation intends to rebrand its new investment adviser as GlassBridge Enterprises in the summer of 2017.

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GlassBridge, which intends to use algorithms and other quantitative strategies, said that the launch is the result of the closing of a transformative, strategic transaction with an asset management firm Clinton Group.

The deal will allow GlassBridge to place under Clinton's management – within Clinton's quantitative equity strategy – up to $1bn of investment capacity for an initial term of five years.

The company has also concluded the transition of its principal business activities to become a publicly-traded alternative asset manager.

Imation non-executive chairman of the board of directors Joseph De Perio said: "Over the past two years, Imation has undergone a significant transformation – eliminating money losing businesses and harvesting capital from non-core assets. The closing of this transaction and our new operating structure as a publicly-traded alternative asset manager furthers our evolution.

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"In consummating this transaction with Clinton, we have established a turnkey business in GlassBridge that we believe will be the foundation for an enterprise that will deliver significant value creation for stockholders over the long term. We thank stockholders for their tremendous support and are excited to focus on the future and execution of our plan."

Imitation has hired Danny Zheng as interim CEO, replacing Robert Fernander.

The company said that Zheng will continue in his role as chief financial officer and will serve the interim CEO until the board of directors appoints a new CEO.