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Man creates first sterling hedge fund of funds

Man Investment Products has unveiled Man Greenwood multi-strategy GB, its first sterling-denominated fund of hedge funds.

The fund is based in Bermuda and is designed specifically for the UK market. It aims to generate equity style returns with the type of risk associated with bonds.

A range of hedge funds from different managers who employ different strategies will be used to produce returns of between 11 and 12 per cent a year, without the volatility of equities. Long and short selling is the most popular strategy. Fund managers buy shares they think will go up in price and sell those they think will go down, with a view to buying them back when the value has fallen. Other strategies include relative value, mergers & reorganisation and distressed securities.

To build up its profile in the UK, Man Investments has formed an alliance with Canada Life. Man Glenwood multi-strategy GB will be available as part of Canada Life’s optimising wealth management opportunities programme. It will also be available directly from Man Investments.

This product may appeal to institutional investors, self-invested personal pension investors and high-net-worth investors who are comfortable with high risks in return for potentially higher rewards. However, some investors may prefer the structure of Man Investment’s capital guaranteed hedge funds of funds because their original capital is not at risk.

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