London-based Matrix Group raised more than GBP 16 million of new money during March with the launch three new hedge fund products.

Matrix Ascension Plan 2 provides investors with a minimum payment of 96 pence per share when the product matures on 31 October 2011 plus the growth of Winton Trading Strategies Fund minus a deduction of 2.55% a year. The price at which shares are allotted will be announced during the first week of April and then all new Shares will be listed on the Channel Islands Stock Exchange.

The Matrix Horizon Closed End Fund, meanwhile, is a new wrapper that enables UK investors to benefit from the returns of Matrix Horizon Fund in a structure that qualifies for Capital Gains Tax. The new money raised has increased the size of Matrix Horizon Fund, into which Matrix Horizon Closed End Fund invests, by 18%. This fund is open to new subscriptions on a monthly basis. The shares are listed on the Channel Islands Stock Exchange.

Finally, the Matrix MAX Fund forms the sixth open ended fund of funds in the Matrix range and is managed by the legendary Sandra Manzke, the founder of Tremont and now of MAXAM Capital, set up in April 2005. MAXAM has established an initial portfolio of twelve hedge funds, half of which are normally closed to new investment.

'We are really pleased by the level of support given to all of our new funds,' says Bridget Guerin, Managing Director of the Promoter, Matrix Money Management. 'We are extremely fortunate that Sandra Manzke has agreed to manage a fund for us in the UK, which will enable UK clients to benefit from her long and highly successful track record of managing funds of hedge funds.

'The new Closed End Wrapper for UK investors who want to invest in Matrix Horizon Fund in a CGT qualifying product has proved to be very popular and we will now consider which of our other offshore funds of hedge funds we will provide this type of wrapper for.

'We were pleased with the support for the Top Up offer for Matrix Ascension Plan 2. This was the final chance for UK private clients to benefit from the Winton performance as Winton has announced that they will not take any more money into the Winton Futures Fund.'