London-based financial services provider Man Group is launching an UK-listed fund of hedge funds product that will be distributed by Dresdner Kleinwort Wasserstein (DrKW).

Man Alternative Investments, which will be launched in April, will be a Guernsey-incorporated, closed-ended investment company. It will aim to achieve long-term capital growth at relatively low risk by allocating to 10 hedge fund strategies targeting absolute returns. The fund will invest in some 35 hedge funds.