Man Group has launched its first exchange-traded fund through a partnership between a newly-created unit called Man Systematic Strategies and Source ETF.

The Man GLG Europe Plus Source ETF is designed to produce European equity index plus returns based on fundamental broker ideas provided for GLG, acquired last year by Man Group.

The MSS team will then use proprietary quantitative technologies and enhance these recommendations with the objective of generating steady alpha with low risk, said the firm in a statement.

“By providing a steady enhancement to equity index returns, using a highly-diversified portfolio, we believe that the ETF will offer an attractive alternative to existing passive products,” said Sandy Rattray, head of MSS.

Rattray was latterly responsible for systematic strategies at GLG and was also a managing director with Goldman Sachs, where he worked for 14 years. Meanwhile, the new unit’s research activities will be overseen by Stefan Scholz, who has been named chief operating officer and head of research. Scholz previously headed Man’s multi-manager quantitative team for seven years.