Aspect Capital, the UK-based $1.8bn (€1.7bn) hedge fund group, is set to form a joint venture with Select Asset Management, an Australian-based fund management firm.

Anthony Todd, managing director and co-founder of Aspect, said: "Australia is one of the largest markets for managed funds globally. It has a robust regulatory environment and a proven appetite for absolute return products. The partnership will allow us to serve our current institutional clients better and reach Australian investors directly through local regulated management schemes."