ED&F Man has launched Nexus, which will use the Man-Glenwood portfolio as its core investment. This ...
ED&F Man has launched Nexus, which will use the Man-Glenwood portfolio as its core investment. This is the first such venture since Man's buyout of its former venture partner Glenwood in August 2000, writes Robert Maharajh.
The Man-Glenwood portfolio is made up of a broad range of investment strategies covering the spectrum of alternative investment styles and encompassing a number of different asset classes.
Man-Glenwood has an extensive proprietary database of over 3,500 international investment managers. It uses a combination of top-down and bottom-up approaches as well as quantitative and qualitative criteria to screen and conduct due diligence on managers, as well as to select strategies and managers for inclusion in the portfolio.
The Nexus product will offer a choice of two classes of bond one denominated in US dollars and the other in euros. The US dollar-denominated class targets a medium-term annualised performance in the range of 14-16% while the euro class targets around 13-15%, taking into account the difference between US and eurozone interest rates.
The total investment exposure will be up to 150% of NAV. This is made possible by a credit facility provided by the Man group. The initial allocation to the Man-Glenwood portfolio will be around 100% of NAV. The balance of around 50% of NAV will be allocated to an overlay of alternative investment strategies implemented by a number of managers.
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The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.