The issue is the latest in a series of Man IP 220 style products that have delivered impressive risk adjusted returns to investors. The original Man IP 220 product has achieved an annualised net return of 19.4% since inception in December 1996. Man IP 220 Series 4 carries a capital guarantee from Lloyds TSB Bank to return at least 120% of subscribers' initial investment at maturity. The structured product, offered in two currency classes (Euros and US dollars), will comprise investment exposure to the Man-AHL Diversified Programme and the Man-Glenwood Portfolio.
Commenting on the launch, Antoine Massad, Associate Director and Head of Middle East and Asia for Man, said: "This latest record product launch demonstrates the continued ability of Man Investment Products to structure and distribute products with enormous appeal to investors internationally. Man's latest investment offering attracted a high level of demand due to its performance potential, backed by an impressive track record, and its low correlation with equity markets. This is an extremely attractive investment opportunity combining a capital guarantee arrangement that provides for the return of 120% of initial capital, with access to the portfolio diversification benefits of alternative investments. This further sales success will increase assets under management and underpin continued significant growth in management fees. "
The next global launch of a structured product will be Man Multi Strategy Series 4 Ltd, which will be open for investment on 28 October 2002.
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Man Investment Products raises record USD670 million in latest product launch
- United Arab Emirates: Monday, October 21 - 2002 at 16:16
- PRESS RELEASE
Man Group plc, the international hedge fund manager and futures broker, today announces that its most recent global launch, Man IP 220 Series 4 Ltd ('Series 4') has raised over USD670 million of client money, a record for any single product offering.
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About the ProductMan IP 220 Series 4 Ltd closed on 11 October 2002 and is expected to start making initial investments by the end of October. Man IP 220 Series 4 Ltd ("Series 4") is the first product offered by Man to guarantee investors the return of at least 120% of their initial investment at maturity. This enhanced level of principal protection will take the form of Capital Guarantees provided by Lloyds TSB Bank plc. Series 4, which was offered in both US$-Class and Euro-Class Bonds, targets medium-term annualised growth of around 17-18% for each Class of Bond while aiming to restrict volatility to around 14-15%.
The Man IP 220 concept has proved to be one of Man's most successful product structures. The original Man IP 220 product has achieved an annualised net return of 19.4% since inception in December 1996. Like its predecessors, Series 4 provides investors with access to two of Man's most successful investment approaches, the Man-AHL Diversified Programme and the Man-Glenwood Portfolio. What distinguishes Series 4 from the previous Man-IP 220 products is a unique principal protection arrangement. Series 4 will be the first product launched by Man to offer investors the return of at least 120% of their initial investment upon maturity - 30 November 2013 in respect of the US$-Class Bonds and 30 November 2014 in respect of the Euro-Class Bonds - subject to the terms and conditions of the Guarantees.
Series 4 is also the first product in the original Man IP 220 family to include provisions for a profit lock-in feature. This allows for the 'locking-in' of a portion of net new trading profits following periods of sustained profitability for Series 4, potentially elevating the guarantee levels at maturity. The operation of this feature is subject to the discretion of the investment manager and the prior approval of Lloyds TSB Bank plc.
The Guarantor, Lloyds TSB Bank plc is the only major shareholder owned bank in the world with a 'triple A' rating. It is part of Lloyds TSB Group plc, a leading UK based financial services group, which offers a comprehensive range of banking, and financial services in the UK and overseas. With over 81,000 employees worldwide, the Group has a substantial network covering the Americas, New Zealand and Europe with over 2,300 branches across the UK offering a full range of banking and financial services to over 16 million customers.
Issued by Gulf Hill and Knowlton on behalf of Man Investment Products. For further information, please contact Randa Mazzawi on Tel: (+9714) 3344930 or Fax (+9714) 3344923/3344917/3360692
Posted by Anne-Birte Stensgaard, News EditorMonday, October 21 - 2002 at 16:16 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Thu Sep 18 2003.
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