Capital Management Advisors has worked with JPMorgan to structure a three times leveraged certificate with a notional of EUR 15,000,000.

The certificate, which is targeted at European institutional investors, is linked to the Caravela Fund and the original CMA Multi-Hedge fund of funds.

CMA has previously worked with other banks, such as BNP Paribas, Societe Generale, HSBC, Macquarie Bank and Royal Bank of Canada, to structure products linked to other funds of funds with an aggregate notional of around USD 750 million, but the JPMorgan leveraged certificate is the first such product to reference the CMA Multi-Hedge fund of funds.

The Structured Alternative Investment Group at JPMorgan and CMA plan to work together in the future to develop further structured products linked to CMA-managed fund of funds. Planned structures include capital protected and leveraged products issued in the form of notes or other securities.

The original CMA Multi-Hedge funds of funds have built a successful track record since May 1998. CMA employs a balanced asset allocation approach, investing in equity, event driven and relative value strategies, with a smaller weighting to macro and trading strategies.

'Our cooperation with JPMorgan marks another important milestone in CMA's growth.
JPMorgan's decision to issue structured certificates linked to the CMA Multi-Hedge funds of
funds is a recognition of their ability to reference these funds as an underlying in a structured product. At CMA we believe that the positive risk/return profile of our funds over the last 7 1/2 years may encourage many other banks to work with CMA in structuring products linked to funds managed by CMA.' said Sabby Mionis, a Principal of the Bermuda-based group.

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