The Connecticut-based investment management firm SAC Capital Advisors is planning to launch a new quantitative hedge fund later this year, according to a Bloomberg report citing two unnamed sources.

The report said the fund is expected to launch in the third quarter of this year and will be managed by 20 teams of quant traders at SAC.

In related news, SAC was in the headlines earlier this month as Federal prosecutors moved to examine trades made in an account at the firm after two SAC portfolio managers pleaded guilty to insider trading.