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By Benedicte Gravrand, Opalesque London:

One of Europe's largest fund manager, AHL, head-quartered in Man Group's offices by the Thames river in London, announced yesterday the forthcoming launch of a Ucits III fund called Man AHL Diversity - following the launch of another Ucits III fund called AHL Trend around four weeks ago.

Man AHL Diversity will in effect draw from one of AHL's offshore flagship funds, the AHL Alpha. "We created an index on AHL Alpha, the fund invests in this index, the AHL index, making it Ucits III compliant," explained one of the managers to Opalesque.

The index is created from AHL Alpha's net return, therefore indirectly incurring the 2 and 20 fees, and the Ucits' administration cost, together with the swap fees, will add an additional approximate 75 basis point to the fee structure. The fund is down 10% YTD.

Man AHL Alpha plc has annualised 15.7 % (to end-July-09) since its Oct-97 inception, with an annualised volatility of 13.8%, and a total return of 650% (compared to 59% for world stocks and 207% for a managed futures index). It returned 23.4 % in 2008.

The Ucits fund will be distributed by Dexion Capital Group, a London-based hedge fund advisory and marketing firm, to sophisticated investors in the U.K. Those will be able to access the sterling denominated product with a minimum initial investment of GBP100 from......................

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