UK – Alternative investment group Man, is to launch its first UK-listed fund of hedge funds product, called Man Alternative Investments Limited (MAIL).
The fund, which will be managed by the Chicago based subsidiary of the group, Man-Glenwood, will be placed in the market by Dresdner Kleinwort Wasserstein in early April.
“We are pleased to be working with DrKW on this launch and are convinced that our experience and Man-Glenwood’s track record will be of great benefit to the new investors who join us through MAIL,” says Mark Chambers, Man’s regional sales manager.
The investment vehicle will be a Guernsey-incorporated tax efficient, closed ended, investment company and will seek a listing on the London Stock Exchange.
Its objective will be to achieve long-term capital growth at a relatively low risk by allocating to a wide range of absolute return hedge fund strategies.
The initial costs of the fund will be capped at 1.75%, while annual fees will be 1.25% with a performance fee of 15% of returns over a T-bill hurdle, says the company.