Capital Fund Management (CFM), a Paris-based trading adviser, is launching a purely systematic equity-trading programme called the Ventus fund.

The British Virgin Islands-registered Ventus fund hopes to raise up to $50m (€ 56.6m) in the next six months, and roughly $200m in the longer term. Unusually for a hedge fund, the Ventus fund offers daily subscriptions and redemptions. It aims to produce a 20% annual return with 12% volatility, using a systematic approach based solely on historical stock price information.