Man raises $1.5bn for Japan hedge fund

City A.M. Reporter
Man Group, the world's largest listed hedge fund firm, has unveiled its biggest fund launch since the financial crisis after raising $1.5bn (£902.4m) for a new open-ended computer-driven trend fund in Japan.

The Nomura Global Trend fund, the first onshore Japanese fund launched by Man's AHL unit, began trading at the end of April and invests in a range of assets via three currency baskets, one of which includes the Chinese Yuan.

Its launch was delayed by the March 11 earthquake and subsequent tsunami in Japan, but sales of the product – launched in conjunction with Japanese bank Nomura - had topped analyst expectations by around three times, a source close to Man told Reuters.

"The outstanding success of this open-ended fund launch is due to its appealing and innovative structure, and the commitment and expertise of the teams at both Man and Nomura," Man chief executive Peter Clarke said in a statement.

Last quarter, London-listed Man showed it was winning back clients after more than two years of outflows, as investor confidence in the battered hedge fund sector finally started to turn around.

Some 15 per cent of Man's assets are based in Japan, and shares in the company were hit hard following the natural disaster but have rebounded around four per cent since early April, as Japan's reconstruction programme gathers pace.