Jupiter Asset Management has hired Stephen Pearson to launch its third single strategy hedge fund and develop the group's alternative business, which currently has some $100m (€114m) under management.

Pearson, who was a director and partner responsible for European investments at Sloane Robinson, will run a long/short European equity hedge fund for Jupiter. Long/short investing involves buying undervalued favoured stocks and selling overvalued securities that are out of favour, but that the fund does not physically own.