Qube Research & Technologies, a hedge fund that was spun out of Credit Suisse Group in 2018, is planing to boost its multi-strategy investment business by allocating hundreds of millions of dollars to external money managers, according to a report by Bloomberg.

The report cites unnamed sources as revealing that Qube, which has grown to an $11 billion business since going independent with $1 billion in assets five years ago, is planning increase its roster of external managers from 12 or so currently to around 50 by the end of the year. The firm typically allocates between $50 million and $100 million to each manager by means of separately managed accounts.       

External hedge funds running long/short fundamental strategies, which make investments based on company-specific events and financial ratios, will reportedly be targeted by Qube as it looks to take advantage of the current investor demand for multi-strategy investment firms.