BluMont Man-IP 220 Series 1 Notes close at $62.7 million
MARCH 24, 2003 - 15:34 EST
BluMont Man-IP 220 Series 1 Notes close at $62.7 million
TORONTO, ONTARIO--iPerformance Fund Inc. (TSXV:IPR), now
operating as BluMont Capital Inc., ("BluMont") is pleased to
announce that its wholly-owned subsidiary, BluMont Capital
Corporation, has closed its first multi-manager/multi-strategy
principal guaranteed structured product - the BluMont Man-IP 220
Series 1 Notes. The successful offering, which closed March 20,
2003, raised $62.7 million and was supported by a syndicate of
investment dealers led by CIBC World Markets Inc.
BluMont Man-IP 220 Series 1 Notes are the result of BluMont's
strategic alliance with Man Investments, a leading specialized
alternative investment manager with assets under management of
approximately US$23.1 billion as at October 31, 2002. The Series
1 Notes are modeled upon Man's existing offshore Man-IP 220 Ltd
product, which has a six-year track record of proven performance
that highlights no down years since its December 1996 inception
and an annualized net return of 19.8% as at January 31, 2003.
The Series 1 Notes aim to deliver double-digit annual returns and
provide investors access to two of Man's most successful
investment approaches - the Man-Glenwood Portfolio which
specializes in fund-of-funds products and the Man-AHL Diversified
Programme, a world leading managed futures programme - each of
which has a long track record of success and low correlation to
traditional asset classes.
The Series 1 Notes feature a principal repayment guarantee
provided by Citibank Canada that ensures the return of an
investor's initial investment at maturity. The Series 1 Notes are
also 100% RSP eligible as Canadian content and were available to
investors until March 20, 2003 for a minimum investment of only
C$5,000.
"We are very pleased with the assets raised in our first Series
offering of the BluMont Man-IP 220 Notes" says Toreigh Stuart,
Chief Executive Officer of BluMont Capital, "and it is our
intention to follow with a Series 2 offering in the coming
months, so as to offer those investors seeking an alternative to
stocks and bonds a product that provides the prospect of positive
returns and increased diversification, coupled with the security
of a principal guarantee."
With approximately C$310 million in assets under management,
BluMont Capital is one of Canada's leading hedge fund companies,
providing blue-chip alternative investment products of the
highest caliber. BluMont Capital is 46.1% owned by Toronto-based
Integrated Asset Management Corp. (TSXV:IAM), a premier
alternative asset class manager with over C$1.3 billion in assets
under management.
Man Investments is one of the world's largest specialized
alternative investment managers and has been at the forefront of
the alternative investment industry since 1983. Renowned for its
pioneering work in developing investment products that provide
principal protection features such as capital guarantees, Man has
successfully launched more than 200 products worldwide with
leading institutional firms. |
