Peak6 raises $1 billion for new hedge fund

 Peak6 Investments LP's asset management unit has raised $1 billion for a new hedge fund, one of only two managed by the Chicago firm, ChicagoBusijess reports. It's also the first hedge fund created at Peak6 under former O'Connor & Associates veteran Joe Scoby, who joined the firm last year to lead the company's asset management business, Peak6 Advisors.

The new Peak6 Achievement fund is one of about 1,100 hedge funds created worldwide last year and one of nearly 10,000 existing hedge funds, according to Hedge Fund Research Inc. Despite the large number of new funds, it's been difficult to raise money in recent years because of losses at some of the biggest in the wake of the recent recession.

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