Polar Asset Management Partners has purchased Castlefield Associates, a relative value systematic futures hedge fund manager, for an undisclosed sum.

Castlefield Associates was established in 2019 by Chris Schindler and his partners.

Schindler and his team have developed a quantitative and relative value approach over the last six years that is said to complement Polar’s existing offerings.

Polar anticipates further development of a new systematic strategy vertical following the integration of Castlefield’s expertise.

Polar president and CEO Greg Lemaich said: “We are pleased to welcome Chris and the Castlefield team to Polar.

“We have closely followed Castlefield’s development over the past six years and believe they have developed a unique systematic offering. We look forward to continuing to refine and grow the strategy.”

Before founding Castlefield, Chris Schindler spent 18 years at the Ontario Teachers’ Pension Plan, where he played a key role in establishing and managing the Global Systematic Investing team.

This team employed more than 50 quantitative models to identify investment opportunities across various liquid futures markets, including equities, fixed income, currencies, commodities, as well as cash equities and volatility products.

Schindler said: “Polar is a leader and an innovator in alternative asset management. Polar’s unique platform, approach to its business, and its track record of attracting and welcoming new talent, were key factors in our decision to join the firm.”

Founded in 1991, Polar Asset Management Partners is a multi-strategy hedge fund manager based in Toronto. It focuses on niche strategies for a diverse investor base.

As of 31 December 2024, Polar managed assets totalling $6.1bn across four primary funds, namely the Polar Multi-Strategy Fund, the Polar Long/Short Fund, the Polar Micro-Cap Fund, and the Polar CRS Fund-1.

In March this year, Polar appointed Jason Cope as head of global fixed income and rates. In this position, he will oversee the development of Polar’s rates and credit strategy business and will be based in Toronto.