US fund managers led by State Street Global Advisors, Jacobs Levy Equity Management and Barclays Global Investors have attracted $30bn (€22.5bn) of investment for an equity strategy that bridges the gap between traditional asset management and hedge funds.

The strategy is known as 130/30 because is allows fund managers to short-sell 30% of their portfolios while simultaneously going 130% long, so that a full market exposure is maintained. Variants such as 120/20 are also on offer.