UK - Man Investments has raised a combined total of $705m (£389.8m) for its Man Global Strategies Diversified Series 2 and Close Man hedge funds.
The hedge fund specialist said it had raised $580m (£320.6m) for the Man Global Strategies Diversified Series 2 fund.
The fund of hedge funds will invest in a range of strategies – including arbitrage, directional and long/short equity – and allocations will be made to quantitative and qualitative third-party managers.
The fund aims to produce annualised returns of 12% to 14%, and is offered in US dollar, euro and Swiss franc capital bonds and US dollar and euro income bonds. Both bond classes offer a 100% capital guarantee, while the capital bonds have a profit lock feature.
Meanwhile, the firm has closed its Close Man Hedge Fund after raising over $125m (£69.2m) from investors. The fund has been designed for UK investors and aims to produce annualised returns of 13-15%.
Man chief executive Stanley Fink said: “There is strong demand for Man’s products that can add diversification and enhance the risk/return profile of investors’ existing portfolios.
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