Maga and Orthogonal Global Macro are among three new hedge funds to have received more than $100m (€113m) in seed capital at launch.

Maga, which is being run by former M&G European smaller company manager Andrew Gibbs, has raised some $70m. Gibbs said that roughly half of the assets are coming from Marshall Wace Asset Management's own new hedge fund incubator arm, Eureka Strategic Partners.