Pharo To Issue Renminbi Shares

Hedge fund manager, Pharo Management, will offer renminbi-denominated shares in its investment vehicles, Financial Times reports. The $4 billion global macro hedge fund manager is seeking to raise about $500 million through the renminbi share class offering.

The share class will target both mainland and Hong Kong-based Chinese investors and non-Chinese investors concerned about the future of the dollar. The new renminbi share class will be issued through the Pharo Macro Fund, which currently manages about $3.2 billion.

Click here for the story from Financial Times.