Man Group has announced that its most recent product launch, the capital guaranteed Man RMF Multi-Style, has raised the equivalent of US$805 million of client money.
Stanley Fink, Chief Executive of the Man Group plc, said: "This excellent result shows that demandamongst investors, who recognise the value of the diversification our products bring to their investment portfolios, remains very strong. The record US$805 million is particularly impressive given that Man RMF Multi-Style represents a new product family.”
The product's portfolio will invest in five complementary hedge fund styles - equity hedged, event driven, global macro, managed futures and relative value. RMF Multi-Style incorporates a principal protection structure that guarantees investors the return of at least 100% of their initial investment at maturity on 31st May 2016, provided by Bank of America, N.A., London Branch. There is also a potential profit lock-in feature.
The product, which opened on 9th February and is now closed for investment, was a global offering in three currency classes: Euro, US dollars and Swiss francs. Further details can be found by clicking here. Man Group has also recently announced that it is working on a UK retail product launch that will be offered in partnership with Close Brothers (see story published 05/04/2004).
Man plans to open its next global product offering, Man Global Strategies Diversified Series 2, to investors on 3 May 2004. The USD and Euro tranches will target medium-term annualised growth of around 13-15 % with annualised volatility of around 7-8 % (Swiss Franc class bonds will aim for 12-14 % growth for volatility of around 7-8 %.)