Former AllianceBernstein investment executive Bob Kim is to launch Ascendance Asset Management, a new multi-strategy hedge fund firm that will employ artificial intelligence across its investing and risk management processes, according to a report by Business Insider.

The report cites sources familiar with the matter as revealing that the firm is targeting a $300m to $500m fundraise ahead of a summer launch.

The firm will initially have at least five New York-based Portfolio Managers covering different equity sectors, before expanding operations to London, potentially within its first year of operation, followed by Asia.

Kim served as CIO at AllianceBernstein's multi-strategy Arya fund, having previously served as Director of Research at Visium and a Portfolio Manager at Izzy Englander's Millennium Management.

Joining him at Ascendance is Josh Adam as Director of Research and Head of AI, who worked with Kim at GLG in the early 2000s and also spent time at Steve Cohen's SAC and Goldman Sachs, before leaving finance to focus on AI.