Man GLG Emerging Markets Income fund raises C$120 million from IPO

By Susanna Moon

Chicago, Nov. 18 - Man Investments Canada Corp. said the Man GLG Emerging Markets Income fund completed its initial public offering of units for proceeds of C$120 million.

The fund provides exposure to an actively managed, liquid and diversified portfolio of securities across various asset classes in global emerging markets such as Latin America, Central and Eastern Europe, the Middle East, Africa and Asia, according to a press release by the Toronto investment manager.

The portfolio will be managed by GLG Partners LP, which will pursue its strategy through both active trading and investment principally in interest-rate securities and instruments, sovereign and corporate credit instruments and other fixed-income securities, foreign-exchange instruments and derivatives that provide exposure to these asset classes, the release noted.

The fund sold 10,049,921 class A units and 1,950,079 class F units, which will begin trading Friday on the Toronto Stock Exchange under ticker "EMY.UN."

The fund will seek to provide unitholders with monthly tax-advantaged distributions, which are not fixed but initially targeted at 6% per year on the subscription price of $10.00 per unit, the release said.

CIBC led a syndicate of agents that includes RBC Capital Markets, BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities LP, Canaccord Genuity Corp., Macquarie Private Wealth Inc., Dundee Securities Ltd., HSBC Securities (Canada) Inc., Manulife Securities Inc., Raymond James Ltd., Rothenberg Capital Management Inc. and Desjardins Securities Inc.

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