LONDON (Bloomberg) ? CMA Global Hedge PCC Ltd., a fund-of- hedge-funds manager, raised $402 million in an initial public offering as Goldman Sachs Asset Management is poised to complete a similar sale this week.

Shares of CMA Global were sold for $10 apiece and will also be priced in euros and pounds, the Channel Islands-based company said yesterday in a statement. The fund had planned to raise as much as $500 million. The stock closed at $9.95 on its first day of trading in London.

CMA Global?s parent company, C.M. Advisors Ltd., and Goldman are tapping investor appetite for assets that may outperform stocks and bonds. Slumping stock markets since May have forced companies to cancel IPOs, while others in Europe have scaled back planned sales to lure investors.

CMA Global raised the money ?at a time of rising financial market volatility and geopolitical uncertainty,? Chief Executive Officer Sabby Mionis said in the statement. The IPO ?underlines investor appreciation of the stability of the investment returns generated by CMA over the past eight years?, he added.

Hoare Govett, a unit of ABN Amro Holding NV, is managing the sale of Goldman Sachs Dynamic Opportunities Ltd., Goldman said in a statement on May 31. The fund may raise as much as $400 million.

C.M. Advisors, after today?s sale of CMA Global, will manage about $2.1 billion, Mionis said.

Mionis and co-founder Angelos Metaxa have invested $20 million in the hedge fund and won?t be able to sell their shares for two years. EFG International, the Zurich-based bank that bought CMA?s manager in February, will also invest $20 million.

Hedge funds, loosely regulated investment pools designed for wealthy individuals and institutions, usually take larger bets than traditional funds and can bet on falling as well as rising markets.