Pacific Investments, the private investment vehicle of Sir John Beckwith, is to launch a new absolute return fund management business and has appointed Rod Barker as partner and chief executive of the new venture.

Parker latterly worked at International Standard Asset Management as partner and director of business development, a role in which he was tasked with originating and developing new business globally.

He has also held roles at RAB Capital, Renaissance Investment Management, Thames River Capital, River & Mercantile Asset Management and Credit Suisse.

The new business, set to launch at the beginning of the second quarter of 2011, will focus on absolute return strategies which will offer returns uncorrelated with traditional asset classes, the firm said in a statement.

“We at Pacific are excited about the opportunity to establish and grow a multi-asset class platform at this stage of the economic and market cycle,” said Mark Johnson, CEO of Pacific Investments.