UK hedge fund Algebris Investments has hired a equities manager from Pimco just weeks after the US asset manager parted ways with its global head of equities.

Simon Peters will join Algebris as a senior portfolio manager, and will be responsible for growing the firm's equity strategies. Algebris, with around $2.5 billion under management, predominantly focuses on the financials sector. Davide Serra, founder of Algebris, said in a statement that Peters "will play a pivotal role in the development of our flagship and new funds".