View more on these topics

man widens the spectrum

Man Investments has expanded its Man AP capital-protected product range with the introduction of Man AP Spectrum.

This capital-protected fund of hedge funds is available through two bond classes that mature on August 30, 2019. Dollar denominated bonds have a target return of 13-16 per cent a year and euro-denominated bonds have a target return of 11-14 per cent a year.

The fund invests in the AHL institutional programme, Bayswater Asset Management’s global macro programme and four Man Global Strategies style portfolios.

AHL is a division of Man Investments and has a trading history of over 20 years. Its institutional programme uses managed futures to capture short to medium term trends in a range of global markets. It uses technical analysis based on historical data to identify opportunities to profit from price movement. It generally makes larger trades n a range of markets including stock indices, bonds, currencies, short-term interest rates and commodities.
AHL trades mainly in futures contracts and foreign exchange or metal forwards. Factors that determine asset allocations to sectors and markets include correlation between markets and sectors, expected returns trading costs and liquidity.

Like AHL, San Francisco-based Bayswater takes advantage of market inefficiencies but takes a longer-term global macro approach, It looks at interest rate levels and other economic data to determine whether bond, currency and equity markets are undervalued or overvalued. It then takes long and short positions in those markets. Trading is carried out through equity index futures, currency forwards, government bond futures and interest rate swaps.

Man Global Strategies is another division of Man Investments. Its style portfolios will diversify the strategies of AHL and Bayswater. The intention is to build a portfolio hat is not over-dependent on one manager or strategy.

There is a capital guarantee that is provided by Merrill Lynch International Bank to ensure investors come away with at least their original capital. There is also a profit lock-in feature that comes into play if the bond classes are 150 per cent exposed to the underlying assets and their net asset value increases by 10 per cent. This potentially increases the amount of the guarantee at maturity.

The diversity of strategy, asset class and region within this product gives it a chance to capture profits throughout the economic cycle, while the capital guarantee provides a degree of security. Some advisers may question whether a guarantee is needed on a product of this type, but as the bond shares are geared, investors may feel it is worth paying for.


BDO investment arm appoints risk benefits director

BDO Stoy Hayward Investment Management has appointed Rebekah Haymes as risk benefits director, based in the group’s London office. Haymes previously worked for Hymans Robertson LLP, where she headed up the risk and healthcare team after spending 16 years in senior roles with PricewaterhouseCoopers, PIFC and SunAlliance.Haymes will be responsible for the management of the […]

BoS apologises over losing mortgage details of 62,000 customers

Bank of Scotland has apologised to 62,000 mortgage customers after it lost private information about them in the post.The bank has confirmed that the mortgage information has disappeared after a computer disc containing the details of the accounts failed to arrive at a credit reference agency.BoS communication manager Shane O’Riordain says: “We apologise to our […]

Equitable wraps up University Life sale

Equitable Life has completed the sale of its subsidiary University Life Assurance Society to Reliance Mutual.Equitable says the sale, which was announced on December 20, 2006, will benefit its policyholders by removing the costs associated with University Life.University Life will become a wholly-owned subsidiary of Reliance Mutual, which specialises in the administration of small closed […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm