Robert Frey, former managing director at Renaissance Technologies, one of the world's biggest and most profitable hedge funds, is returning to the industry with the launch of a new fund.

Frey Quantitative Strategies is launching the Frey Multi-Strategy fund of hedge funds with an expected $350m in assets, the firm said in a statement on Monday. Managing director of Renaissance from 1992 until he left in 2004, Frey is a well-known academic in quantitative finance, working as a research professor at Stony Brook University in New York.