Pharo To Issue Renminbi Shares

Hedge fund manager,Pharo Management, will offer renminbi-denominated shares in its investment vehicles,金融时报》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 thePharo Macro Fund, which currently manages about $3.2 billion.

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