CHICAGO (HedgeWorld.com)–Man Group plc* and its U.S. investment unit, Glenwood Capital Management, registered a public hedge fund of funds with the Securities and Exchange Commission.
The fund, called Man-Glenwood Lexington LLC, is part of Man’s effort to court U.S. retail investors with the same success it has seen in Europe and Asia. Man officials declined to comment on the fund, which is in a regulatory quiet period.
The Lexington fund will be sold with an investment minimum of US$25,000 to retail investors who meet certain qualifications. In order to buy the fund, investors need to meet one of the following requirements: have a net worth of more than US$1 million; have an income of greater than US$200,000 (or US$300,000 joint with a spouse); or purchase the fund through a regulated investment adviser acting as a fiduciary, the filing states.
The fund will use a multi-strategy approach and will be managed by Glenwood, which had US$4.7 billion under management in both discretionary and non-discretionary accounts.