Wed, 01/02/2006 - 11:07
Man Investments is launching Man IP 220 International Ltd, a global hedge fund product offering unique access to its successful IP 220 product structure.
For the first time, the global product offering will be supported by corresponding product offerings in several major markets.
Man IP 220 International Ltd aims to build on the success of Man Investments' groundbreaking IP 220 investment structure. The first IP 220 structure, Man-IP 220 Limited, was launched in 1996 and is one of the longest running and most successful capital guaranteed hedge fund products in the world. Demand for this product structure has been so strong that Man Investments has sponsored 40 issues based on the IP 220 product structure. The firm's customers have invested more than USD 3 billion in these issues and related joint-venture products worldwide.
Man-IP 220 Limited, which matured on 30 December 2005, delivered a compound annual return of 16.8% with a volatility of 17.9% and low correlation to most other asset classes. A minimum investment of USD 50,000 at inception would have been worth USD 205,650 when the product closed. By comparison, the same investment in the MSCI World Stocks Index would have returned just 6.5% per year, with a volatility of 15.0% and would have been worth just USD 88,750.
Like its predecessors, Man IP 220 International Ltd will offer enhanced investment exposure of up to 160% of assets to a portfolio comprised of:
• the AHL Diversified Programme, one of Man Investments' primary managed futures programmes; and
• the Glenwood Portfolio, a highly diversified fund of hedge funds portfolio.
The strength of the portfolio lies in the complementary relationship between these two investments, which allows the product to target impressive double digit returns for a controlled level of investment risk.
Man Investments' Chief Executive John Morrison said: 'When we launched Man-IP 220 Ltd in 1996 it raised a few eyebrows. We were telling investors that for every dollar they invested in the product we would give them one dollar of AHL, one of the world's leading managed futures programmes; an additional 60 cents of exposure to a Glenwood fund of hedge funds; and a capital guarantee. We are now making a very similar offer to investors but this time we can point to nine years of exceptional performance, which continued even during some of the worst downturns during that period such as the Russian bond crisis or the bursting of the tech bubble. That all adds up to a substantial opportunity for investors'.
Man IP 220 International Ltd will be offered in both USD and EUR denominated bond classes. The bonds come with the security of a capital guarantee from Citibank, N.A., London and a profit lock-in feature. The USD bonds will target annualised returns of 16% to 18% for a volatility of between 17% and 19%. The EUR bonds will target annualised returns of 14% to 16% for the same level of volatility.
The corresponding product launches, in six major regions, will offer similar IP 220 structures featuring a capital guarantee or principal protection from a well recognised local financial institution in various currencies. By launching these corresponding products, Man Investments seeks to provide investors with opportunity to access a domestically regulated product offering that matches their tax and domicile needs, with the option to participate in the global product offering where that is more suited to their needs.
'This is actually a major development in our distribution model and a huge shift in product structuring', said Man Investments' Morrison. 'Producing separate but similar products in key regions demonstrates our leadership in product structuring and development. This approach also allows us to offer investors in these countries access to a product that is more closely aligned to their investment needs'.
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