Boston Globe-Man Group PLC, the world’s largest hedge-fund manager, plans to list a hedge fund on the New York Stock Exchange in its latest push to raise money from U.S. investors.
The move highlights a broader trend of hedge-fund managers boosting their assets through exchange-traded funds that can be bought by both institutional and retail investors.
Shares in Man Dual Absolute Return Fund, a closed-end company, will be offered at $20 apiece, for minimum orders of 100 shares. Plans for the initial public offering were filed with the U.S. Securities and Exchange Commission Friday.
The company didn’t say how much money it is looking to raise. Similar funds listed in Europe have raised as much as $2.2 billion in IPOs, mainly from institutional investors who want access to hedge-fund strategies through a liquid stock.
Man Dual Absolute Return Fund will invest in two ways: a long/short equity strategy managed by Tykhe Capital LLC, a New York-based hedge fund manager using quantitative models; and AHL Core, a managed futures trading program operated by Man.
