Man Group is preparing what is believed to be the first true New York-listed hedge fund, in an attempt by the London-based manager to tap demand from private investors for hedge funds. A provisional prospectus filed with the SEC showed the Man Dual Absolute Return Fund will have a minimum IPO investment of just $2,000, widening the access to hedge funds for small investors. The listed fund follows a series of hedge fund floats in Europe. The IPO, underwritten by Morgan Stanley, is expected to raise at least several hundred million dollars. Lex wonders about the disincentives in the move – for both Man and potential investors – including the prospect of the stock trading below net asset value.

This entry was posted by Gwen Robinson on Thursday, May 31st, 2007 at 5:48 and is filed under Capital markets, Hedge funds. Tagged with man. Edit this entry.