New Reductions of a Matrix Generalized Heisenberg Ferromagnet Equation

We present in this report 1+1 dimensional nonlinear partial differential equation integrable through inverse scattering transform. The integrable system under consideration is a pseudo-Hermitian reduction of a matrix generalization of classical 1+1 dimensional Heisenberg ferromagnet equation. We derive recursion operators and describe the integrable hierarchy related to that matrix equation.