ADVISORY BUSINESS
A. General Description of Advisory Firm.
Man Solutions USA is a Delaware limited liability company based in New York
which was formed on November 15, 2018.
Man Solutions USA is an indirect, wholly-owned subsidiary of Man Group plc, a
London Stock Exchange-listed financial company and a component of the FTSE 250 Index. Man
Group plc, through its investment management subsidiaries (collectively “Man”), is a global
investment management business and provides a range of fund products and investment
management services for institutional and private investors across the world. As of December 31,
2022, Man had approximately $ 143.3 billion of assets under management1.
Man Solutions USA offers discretionary and/or non-discretionary advisory or sub-
advisory services to institutional clients, which may include Man Funds or clients of Affiliated
Managers (as defined below).
A focus of Man Solutions USA is customized hedging and/or client portfolio
diversifying strategies utilizing market based hedges in options, futures, and other liquid
instruments. In this regard, Man Solutions USA may act as investment manager to single investor
investment vehicles or separately managed accounts. The aim is to create bespoke strategies for
clients in the client’s preferred vehicle type based on Man Solutions USA’s analysis of such
client’s applicable portfolio of investments.
Man Solutions USA may also allocate client assets to pooled investment vehicles
managed by Affiliated Managers (as defined) (the “Man Funds”). Man Solutions USA affiliated
managers include AHL Partners LLP, GLG Partners LP, GLG LLC, Man Solutions Limited and
Numeric Investors LLC (collectively “Affiliated Managers”), each of which is registered as an
investment adviser with the SEC. Man Solutions USA may also offer non-discretionary
investment management services. Under the non-discretionary arrangements, if such
recommendations are accepted by the client, Man Solutions USA may assist with arranging the
purchase or sale as agreed with the client.
In addition, Man Solutions USA advises affiliates on Responsible Investment
(“RI”) including Environmental, Social and Corporate Governance (“ESG”) related matters.
1 Man assets under management as stated in the Man Group plc Annual Report include advisory-only assets over
which Man has no decision making or trading authority and managed account platform services for which Man
provides platform and risk management services but does not provide investment management services.
Man Solutions USA’s Services
Man Solutions USA provides discretionary advisory and sub-advisory services to
clients. Man Solutions USA provides discretionary investment management services in accordance
with the stated investment objectives, restrictions and policies of each client, as set out in the
relevant fund’s offering memorandum or separately managed account’s investment management
agreement as applicable.
Clients can generally access
hedging or other investment strategies through two
structures:
1) Internal Man Platform : Man Solutions USA works with clients to identify and/or structure
an appropriate vehicle tailored to meet their hedging, commercial, regulatory and tax
requirements.
2) External Client Platform: Man Solutions USA manages a separately managed account on
the client’s own infrastructure or platform or a third-party infrastructure or platform chosen
by the client.
Man Solutions USA will also from time to time provide discretionary or non-
discretionary services with regards to hedging strategies to affiliates. Non-discretionary services
to affiliates will also include ad-hoc requests for hedging or other options-based strategies and
ideas. Please refer to Item 8 for more details on Man Solutions USA’s investment strategy.
Man provides a number of centralized functions to its investment manager
subsidiaries, including Man Solutions USA, which will include trading, financing and cash
management, risk management, research, operations, middle office accounting, finance, proxy
voting (to the extent applicable), human resources, facilities, tax, legal, compliance, information
technology, among other such services. Man Solutions USA utilizes investment management,
trade execution, research, client servicing and marketing capabilities of its affiliates in providing
services to its clients. In addition, Man Solutions USA utilizes a number of governance functions
of its affiliate Man Solutions Limited relating to product governance, risk management and
portfolio oversight, among others.
B. Description of Advisory Services.
Please see Item 8 herein.
This Brochure generally includes information about Man Solutions USA and its
relationships with its clients and affiliates. While much of this Brochure applies to all such clients
and affiliates, certain information included herein applies to specific clients or affiliates only.
Important information regarding each fund and managed account, which includes investment
objectives, risks, strategy, fees and other material information, including applicable conflicts of
interest regarding relationships with affiliates, is contained in each fund’s offering documents and
in each managed account's investment management agreement, as the case may be.
C. Availability of Customized Services for Individual Clients.
Man Solutions USA’s investment decisions and advice with respect to each client
are subject to each client’s investment objectives and guidelines, as set forth in the client’s
investment management agreement/trading advisory agreement, as well as any written instructions
provided by the client.
D. Wrap Fee Programs.
Man Solutions USA does not participate in wrap fee programs.
E. Assets Under Management.
Man Solutions USA manages approximately $116.6 million in regulatory assets
under management on a discretionary basis as of December 31, 2022.