New fund marks double decade for pioneer hedge fund manager

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Man IP 220 Series 5 Ltd combines an allocation to Glenwood with an allocation to London-based AHL to harness the complementary performance of the two hedge fund managers. The AHL Diversified Programme is intended to be the principal source of returns while the Glenwood Portfolio will provide stability and diversification by allocating trading capital to six different hedge fund styles and, currently, more than 60 managers.

Glenwood was a pioneer in the fledgling hedge fund industry. It launched its first fund in 1987 when hedge funds were a fringe investment class. In two decades it has grown to manage approximately USD 6.3 billion. Man Investments acquired Glenwood in 2000.

In the past 12 months, to September 30, 2007, Glenwood's flagship product, the Glenwood Portfolio, recorded a return of 14.3 % , including a downturn of -1.8 % in August when most hedge funds experienced sharp reversals.

The IP 220 product family has a tradition of innovation and performance. Man-IP 220 Limited, the first IP 220 product has grown so that USD 100,000 invested in December 1996 was worth USD 450,714 on 31 August 2007, an annualised return of 15.0%. In contrast, the same amount invested in world stocks would have returned only USD 191,861 over the same period.

Antoine Massad, Chief Executive of Man Investments Middle East said: 'Twenty years ago hedge funds were, to most, quite novel. Today they form an asset class in the mainstream of investing. Glenwood has prospered through good and bad times, demonstrating how hedge funds can do well when traditional investment markets slump.'

Man IP 220 Series 5 Ltd is offered in a choice of USD and EUR bonds. The investment objective is to generate growth in excess of 10% per annum for an annualised volatility of 16-18%.

Investors in Man IP 220 Series 5 Ltd will benefit from a 100% capital guarantee on the maturity date for each bond class provided by Barclays Bank PLC as well as a profit lock-in feature. The product also comes with an increased investment exposure. The initial investment exposure will be 160% of the prevailing NAV of the USD bonds and 140% of the prevailing NAV of the EUR bonds with the intention to increase it to 160%.

Man IP 220 Series 5 Ltd will be open for investment from 22 October 2007 to 3 December 2007.