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Barclays hopes to strike right note with managers

Barclays Capital is aiming for- ing fund of fund managers with four structured products that provide exposure to the commodities and Japanese equity markets.

The GDP Topix accelerator note offers 185 per cent of the rise in the Topix index with 95 per cent capital protection while the GDP Topix accelerator 100 per cent capital guaranteed note offers 155 per cent of the growth in the index and full capital protection.

Both products have a five-year term but daily liquidity is available at the cost of losing the capital guarantee.

The two commodities products have 100 per cent capital protection but differ in their terms. The GDP commodities perfect 10 note provides 200 per cent of the growth in an equally-weighted basket of 10 commodities over a term of four years and nine months.

The GDP commodities topside note is a three-year product offering 100 per cent of the growth in the basket plus income of 6.5 per cent a year if the value of every commodity in it is more than 70 per cent of its starting value. These products also offer daily liquidity.

Head of asset management, UK investor solutions, Alex Robinson says: “A lot of multi-managers have not had the exposure to Japan that they should have. These Japanese notes provide a way of get- ting it with costs as little as 1 to2 per cent up front.

“Commodities are positively correlated with inflation so they could be seen as a good inflation hedge. Investing in companies such as BP can provide commodities exposure but you are also getting equity risk. With these notes you get direct exposure to commodities such as oil and copper plus the benefit of capital protection.”


Robin Geffen

Managing director Robin Geffen set Neptune Investment Management in orbit in the fund firm universe just three years ago and the company is turning in stellar performance, with Geffen himself running a Russian fund which is benefiting from a consumer boom. Interview by James Phillipps.

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