SWITZERLAND - Galtere, the $1bn (€792m) US-based alternative asset manager, has opened an office in Switzerland.

Based in Zug, the Swiss division will be managed by Werner Schuenemann, who previously worked for Swiss Alpha and Pamplona Capital Management.

Schuenemann, as international head of business development and investor relations, will be responsible for expanding the company's reach into the key markets of Europe, the Middle East and Asia, while strengthening US investments.

Investment management, trading and research will continue to be carried out in the company's New York headquarters under the guidance of CIO and company founder Renee Haugerud.

While Schuenemann has yet to hire any additional members of his team, he is expected to in due course.

Haugerud said hiring Schuenemann was a clear signal of Galtere's ambition.

"We are creating an international environment and business infrastructure that will enable us to meet this challenge, and Werner and the team will be instrumental in helping us to get there," she added.

Schuenemann said key factors in his decision to join Galtere were the calibre of Haugerud and her team and the current investor demand for products with low market correlation.