A $10 billion hedge fund investor is backing a new launch

PAAMCO, a $10 billion hedge fund investor, is backing Benn Eifert's QVR Advisors.QVR has hired staff from Uber and Wells Fargo.A $10 billion hedge fund investor is backing a new launch.PAAMCO, the Irvine, California-based fund of funds firm, is backing QVR Advisors, a new alternative asset management firm, according to a person familiar with the situation.The amount PAAMCO is investing was not available. PAAMCO managed about $10 billion at the end of last year, per itsForm ADV filing.Benn Eifert, who previously wasa co-portfolio manager at relative value fund Mariner Coria, is launching San Francisco-based QVR in mid-August with $75 million,the person said.Eifertwas previously the head of quantitative research at investment firm Overland Advisors.QVR is not technically a commingled hedge fund, and instead will runseveral strategy sleeves and buildcustomized separately managed accounts for investors.A media representative for PAAMCO didn't immediately comment.QVRhas hired:Tae Hong as a senior quantitative trader. Hong most recently worked as a data scientist at Uber, and previously worked at the Cutler Group and PEAK6 Investments, per his LinkedIn page.Scott Toyama, head of operations, who most recently worked as a business analyst manager at Wells Fargo Securities and was director of operations at Overland, per his LinkedIn page.SEE ALSO:Many still prefer to work with men over women ' and it shows why women face an uphill battleJoin the conversation about this storyNOW WATCH: The CEO of Mondel'z doesn't seem interested in buying Nestl's candy business
Click here to read full news..