The $20bn (€13.5bn) alternative asset manager Citadel Investment Group is slated to launch a global macro hedge fund in an expansion of a strategy started five months ago.

The fund will be managed by Kaveh Alamouti, a London-based portfolio manager who Citadel hired in March to manage global macro strategies feeding into its existing funds, such as the group's Kensington and Wellington funds, according to a source familiar with the fund.