Although Ivy Asset Management's $300 million collateralized fund obligation (CFO) was postponed last quarter, JPMorgan closed a multiple class offering of a fund-of-hedge-funds for the client.

The funding for Ivy combines modest-term leverage and principal protection, and was distributed in the form of fund shares, notes and indexed "schuldscheine" securities, which have been described as a German form of securitized loans.

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