London hedge fund giant looking to build low-income homes

AN acute shortage of subsidised housing for low-income families in the UK is drawing some unexpected investors. Man Group, the world's largest publicly traded hedge fund manager, is poised to start a fund to finance construction of affordable homes, according to a person with knowledge of the matter. Man has hired former Cheyne Capital Management partner ShamezAlibhai to run the pool, the person said, asking not to be identified because the information is private.Man Group and Mr Alibhai declined to comment through representatives for the firm. The hedge fund will join investors such as buyout firm Blackstone Group as well as mutual funds in seeking to tap opportunities within the social housing sector as money managers pursue higher yields in the prevailing low-interest rate environment.