Chrysler seeds Hanseatic fund

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Albuquerque, New Mexico-based Hanseatic Group has won an initial $7 million allocation from DaimlerChrysler for a new long/short large-cap equity program expected to begin trading on April 7.

Hanseatic president Katherine Burr said the new program's strategy would be quantitatively driven, building on the firm's established trading systems that use non-linear models for perceiving patterns in market moves. The fund will be overseen by a portfolio team headed by Ed Meihaus.

The Hanseatic Group manages $250 million in assets spread across a range of alternative investment products, including hedge funds and managed futures programs run in both pooled and managed-account