A team of ex-Morgan Stanley systematic trading specialists has set up an investment boutique, called Quiris Capital, designed to focus on currency strategies.

The Quiris team is made up of six employees who worked together at Morgan Stanley from 2004 to 2010, managing more than $3 billion.

The managing partners are Justin Simpson, Chris Callan and Richard Mhende. Simpson was most recently head of Morgan Stanley Investment Management’s currency and commodity group, and was formerly Morgan Stanley's director of global economics and global strategy for currencies, interest rates and emerging market debt. Callan was lead manager of the firm’s currency and commodity funds, while Mhende managed fixed income and currency portfolios.

The boutique’s investment approach is focused on highly liquid, transparent instruments, primarily currency spot and short-term forwards contracts, according to a statement.

Quiris has applied for regulatory approval from the UK’s Financial Services Authority, and plans to launch its first fund early next year, the statement said.