Man Group, the hedge fund of funds manger, says its Man Global Strategies Diversified Series 2 Ltd (‘Man Global Strategies Diversified Series 2’) and the UK product Close Man Hedge Fund have together raised the equivalent of over US$705 million of client money.
Man Global Strategies Diversified Series 2 raised the equivalent of over $580 million in its three currency classes, Euros, US dollars and Swiss francs while Close Man Hedge Fund raised the equivalent of over US$125 million in Pounds Sterling. Both products will invest in a range of complementary hedge fund styles that include arbitrage, directional, equity hedge, long/short equity and managed futures. Across these styles, allocations will be made to a diversified range of quantitative and qualitative hedge fund strategies implemented by leading managers.
Stanley Fink, Chief Executive of the Man Group, says strong demand for Man’s products was continuing. “Our position as a leader in the hedge fund sector enables us to deliver high-quality alternative investment content in attractive formats to a large and growing universe of investors around the world,” he says
Man Multi-Strategy Guaranteed Ltd claims to have achieved an annualised return of 10.6% since inception on 15 July 2000.
Capital guarantees have been provided for Man Global Strategies Diversified Series 2 by UBS AG, London Branch, and for Close Man Hedge Fund by Royal Bank of Scotland plc. These ensure investors the return of at least 100% of their initial investment at maturity as well as a potential for either profit lock-ins or income returns.
The next global launch will be Man RMF Multi-Style Series 2 Ltd, which will be open for investment on 23 August 2004. This product will target medium-term annualised growth of around 13-15% for an annualised volatility of around 7-9% for both USD and EUR class bonds.