New Fund Launch

RNS Number : 4830Y

Man Group plc

07 July 2008

 



Man launches a new environmental fund 

Man Group, one of the world's leading alternative investment firms, today announces that it has entered into an agreement to launch a new environmental fund. The MENA Associated Gas and Global Environment Fund (AGEF) is to invest in projects to capture associated gas from crude oil production, which have customarily been flared, and use it to generate electricity and other products. 

Abu Dhabi Government-owned International Petroleum Investment Company ('IPIC') has committed to invest an initial USD 300 million as cornerstone investor and will play a major role in the development of the fund which aims to raise an initial USD 1.5 billion.

MTM Capital Partners Limited, a subsidiary of Man, will be the investment manager of the fund. In addition, Fluor Cooperation, one of the world's largest engineering, procurement and construction firms and a FORTUNE 150 company will be the fund's technical partner.

Peter Clarke, CEO of Man Group, said Man expected investor support from around the globe. 'MTM is a leader in environmental investments in emerging markets and there is a keen appetite for investments that help protect the environment while aiming for very attractive returns,' he said.

Mr Clarke hailed the support of the Abu Dhabi Government as financially significant and environmentally responsible. He said the fund would be the first of its kind to team a global financial institution with a government that is a major player in the energy sector.

The launch of AGEF will be a further significant step in Man's commitment to environmentally-related projects. 

ENQUIRIES

David Browne

Head of Group Funding & External Relations

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Miriam McKay

Head of Investor Relations

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Merlin PR

Paul Downes

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Paul Farrow

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About Man Group plc 

Man is a world-leading alternative investment management business. With a broad range of funds for institutional and private investors globally, it is known for its performance, innovative product design and investor service. Man manages over $78 billion and employs 1,600 people in 13 countries worldwide.  

The original business was founded in 1783. Today the parent company, Man Group plc, is listed on the London Stock Exchange. It is ranked in the top 40 companies of the FTSE 100 Index with a market capitalisation of about $20 billion. 

Man supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes and the Man Group International Climate Change Award. 

Further information can be found at www.mangroupplc.com.

About MTM

MTM Capital Partners Limited is a UK investment management company regulated by the Financial Services Authority. It is a subsidiary of the Man Group and makes direct principal capital investments into sectors that result in the efficient and safe utilisation of resources and the reduction of environment damaging emissions. MTM is positioning itself to play a lead role in the converging energy, resources, infrastructure and environmental sectors.

About IPIC

IPIC is an investment company wholly owned by the Government of Abu Dhabi with a mandate to invest on behalf of the Government of Abu Dhabi in the hydrocarbon sector outside of the Emirate of Abu Dhabi. For over 20 years IPIC has successfully invested in and developed long term strategic partnerships with energy companies in both the private and public sectors.

 

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