Man Shuts Vision Fund in Overhaul of Guaranteed Products
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Man Group Plc, the world’s biggest publicly traded hedge-fund manager, is shutting a range of products that aimed to protect clients from losses after they failed to meet performance targets.
The company decided this month to shut Man Vision Ltd., a $40 million pool that sought to generate returns of more than 10 percent annually, according to an Aug. 12 letter sent to clients and obtained by Bloomberg News. Man Group is also closing similar offerings that, like Vision, were tied to the performance of AHL Diversified, the firm’s biggest hedge fund, said a person with knowledge of the moves who asked not to be identified because they aren’t public.