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June 06, 2003 at 08:00 PM
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.
