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Man Investments announces mandate awarded to Nephila Capital
1 June 2009
Sydney - Man Investments today announced the awarding of a USD35 million mandate to Man's part-owned manager, Nephila Capital, by AMP Capital Investors.
Nephila Capital is an alternative investment manager specialising in catastrophe reinsurance. Nephila invests across the range of insurance-linked securities such as insurance and reinsurance contracts, industry loss warranties (ILWs) and catastrophe bonds. Nephila's principals are pioneers in the sector, having managed funds from large institutions since 1998.
Through its proprietary investment strategies, Nephila delivers returns that are not correlated with other asset classes. While financial markets in 2008 suffered from the global downturn, Nephila generated positive returns.
Urs Alder, Head of Institutional Business at Man Investments said: "Man Investments is pleased that an institution of the calibre of AMP Capital Investors has endorsed the approach of Nephila Capital. This mandate is testament to the attractiveness of the insurance-linked securities sector as well as the quality of Nephila as a manager."
Sean Henaghan, Investment Director, International & Future Directions Funds at AMP Capital Investors said: "We are impressed with the non-correlation of the returns in the insurance-linked securities market and the track record and quality of the team at Nephila. The current environment is particularly attractive since capital in the insurance industry is scarce and premiums are at levels not seen in a long time. Nephila stood out as a top manager in the space". Mercer's investment consulting business advised AMP Capital on this transaction.
Established in 1998, Nephila is headquartered in Bermuda, employs 28 staff and has over USD2 billion under management.
Notes to Editors
Nephila was founded in London by Frank Majors and Greg Hagood in 1997 as part of Willis Limited, the world's third largest reinsurance broker. As part of its growth strategy, the company relocated to Bermuda in 1999 to establish a local presence and to deepen existing relationships in the world's largest catastrophe reinsurance center.
The investment philosophy is based on the premise that institutional investors are attracted to the non-correlated, relatively high-yielding returns offered by insurance linked instruments. The instruments in which Nephila invests have evolved over time, along with investors' risk appetite. The company currently manages multiple investment vehicles and managed accounts exclusively for sophisticated institutional investors.
In addition to insurance linked instruments (which are predominantly focused on natural catastrophe risk) the company has been trading weather risk since 2000 and launched a dedicated weather vehicle in 2005. Further information on Nephila Capital can be found at www.nephilacapital.com.
About Man Investments
Man Investments provides access for private and institutional investors worldwide to alternative investment strategies through a range of innovative products and solutions designed to deliver long-term investment performance. Man Investments has a 20-year record in this field, supported by strong product development and structuring skills as well as an extensive investor service and global distribution network. Further information on Man Investments can be found at www.maninvestments.com.
In Australia, Man Investments launched its Institutional business in 2007 after focusing on the retail market for over 10 years. With the Australian institutional market demanding bespoke alternative investment solutions, Man's global business model provides the perfect platform for building partnerships by working closely with clients to identify their investment objectives, assess the impact of hedge funds on complex portfolios and create solutions to fulfil individual investment requirements. Further information on Man Investments Australia can be found at www.maninvestments.com.au.