Man Group

Man For Sale (So To Speak)

themanshow.jpgFinally, something quasi-exciting today (other than the planning of our upcoming “Whose Boobs?” contest, which we’ll tell you all about in good time): the Man Group plans to list a hedge fund on the NYSE! Man, one of the largest hedge funds in the world, will be selling a closed-end fund that employs hedge fund strategies. Shares of the Man Dual Absolute Return Fund will be pawned for $20 each, with a minimum order of 100 shares (to maintain
the farce of hedge fund availability only to “accredited investors”).
The fund’s assets will be invested by two managers: About 80% will be under the watch of quantitative manager Tykhe Capital, using a long/short equity strategy. The rest will by managed by Man’s AHL Core program, a mangaged-futures strategy.
Everyone is excited to point out that this move is indicative of a “broader trend of hedge-fund managers boosting their assets through exchange-traded funds that can be bought by both institutional and retail investors” (or something to that effect). We’re just psyched to be getting some mileage out of what we’d previously thought was our retired “bukkake party of IPOs” tag.
Man Group to List Hedge Fund on NYSE [Forbes]

  • 28 Nov 2006 at 12:01 PM
  • Amaranth

Amaranth Claims Another Victim

brianhuntermaybe.jpgAmaranth, the hedge fund that collapsed after making bad bets on energy futures, has taken down a fund of fund listed on the London Sotck Exchange. The $61 million fund was managed by a smaller, Chicago-based unit of the Man Group.
The Wall Street Journal reports:

A fund of hedge funds listed on the London Stock Exchange five years ago by hedge-fund giant Man Group PLC wants to shut down after recent losses tied to the collapse of U.S. hedge fund Amaranth Advisors and persistently poor liquidity in the shares.
The fund lost about one-fifth of its gains this year from the collapse of Amaranth Advisors in September. In the 10 months through October, its portfolio gained 6.5%, mainly from strong performance at the start of the year and in October.

[Editors note: The picture above the left represents Amaranth’s Calgary-based trader, Brian Hunter, and some other guy holding him.]
Man Group Fund Looks To Shut Down [Wall Street Journal]