Man raises US$725 million with guaranteed product
Man Group plc revealed this week that its most recent launch, Man Multi-Strategy Series 5 Ltd ('Series 5'), has raised the equivalent of US$725 million of client money.
Series 5 was a global offering in two currency classes, Euros and US dollars, and was primarily aimed at private clients. It is the first in the Man Multi-Strategy product family to offer investors a choice of both capital and income bonds.
Series 5 provides investors with access to Man's successful multi-strategy/multi-adviser investment approach, the Man Multi-Strategy portfolio. This was introduced in 2000 with the launch of Man Multi-Strategy Guaranteed Limited which has achieved an annualised net return of 16.9 per cent from inception on 15 July 2000 to 28 February 2003.
The Series 5 approach provides access to multiple investment strategies, many of which have relatively low correlation to traditional assets representing some of the key hedge fund style groups including securities selection (long/short), event driven, managed futures and arbitrage.
Series 5 will also enjoy the benefit of capital guarantees provided by ABN AMRO Bank N.V., which ensure investors the return of at least 100 per cent of their initial investment at maturity.
Stanley Fink, Chief Executive of the Man Group plc, said: "This offering is the latest in a long line of innovative investment solutions and is the first Man multi-strategy/multi-adviser product to be offered in both capital and income bonds. The record US$ 725 million raised for this product at a time of global uncertainty serves to emphasise the quality of our business model across the range of investment management, product design and distribution."
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