June 6, 2003

BluMont and Man Group Together for Second Canadian

TORONTO (HedgeWorld.com)--BluMont Capital Corp. launched its second structured hedge fund, the BluMont Man-IP 220 Series 2 Notes.

The issue follows the successful sale of C$62.7 million (US$46 million) of the Series 1 notes, both of which are managed by Man Investments Ltd., a subsidiary of Man Group plc*. The Series 1 note, which combines two Man strategies: hedge fund of funds run by Glenwood and futures management by Man-AHL, launched in January Previous HedgeWorld Story.

The Series 2 notes will be offered until July 3 and can be purchased through RSPs, the Canadian version of the Individual Retirement Accounts in the United States. The minimum to invest is C$5,000 on the notes, which mature December 2013. Citibank Canada is providing the guarantee.

Total fees on the fund will be about 4.5% annually with the underlying hedge fund and futures programs receiving 20% of profits, said Bryan Nykoliation, vice president of marketing for BluMont.

BluMont, a unit of iPerformance Fund Inc., managed C$300 million as of March 31.

Man recently announced its assets under management had topped US$28 billion, attracting good performance from its futures management but not from Man-Glenwood Previous HedgeWorld Story.

*Man Group plc is a minority investor in HedgeWorld.

PBarr@HedgeWorld.com

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