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Man Investments has launched a new capital guaranteed product in its Man AP family. Man AP Spectrum Ltd combines the performance of the AHL Institutional Programme with a significant allocation to Bayswater, a San Francisco-based quantitative global macro manager.

It also allocates capital to four Man Global Strategies style portfolios to provide added opportunities for profit and diversification.

Man Investments stated: 'The Bayswater Macro Programme achieved annualised returns of 14.4% between 1 August 2004 and 28 February 2007 while the AHL Institutional Programme generated annualised returns of 17.1% in the timeframe 17 October 1995 to 28 February 2007. Man Investments stated: 'Both AHL and Bayswater are built on the philosophy that financial markets are inefficient and can be exploited by applying systematic and non-discretionary trading models. The difference is that Bayswater takes a longer term global macro approach while AHL aims to capture short and medium term trends on a wide range of global markets. The mix of the two managers in a portfolio is attractive since they are complementary due to the low correlation (0.28 for the period 1 August 2004 to 28 February 2007) and have the potential to capture profits at different points in a market cycle in a wide range of markets.'

'We are pleased to offer investors access to Bayswater as a core component of a structured investment product for the first time', said John Morrison, Chief Executive of Man Investments, 'the complementary nature of AHL and Bayswater will add a new dimension to the traditional Man AP portfolio'.

Man AP Spectrum Ltd is offered in a choice of USD and EUR bonds, each targeting mean annualised returns of 13-16% (USD bonds) and 11-14% (EUR bonds) for a mean annualised volatility of about 9-11% for both bond classes. Investors will also benefit from a capital guarantee provided by Merrill Lynch International Bank Limited, and a profit lock-in feature.

Man AP Spectrum Ltd is open for investment until 4 June 2007.

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