Two new funds are offering advisors and their clients access to emerging markets and tax-advantaged hedge fund investing.

Fidelity Investments announced the launch of Fidelity Advisor Emerging Markets Fund, which is managed by 15-year Fidelity veteran Rob von Rekowsky.

The fund will seek capital appreciation by normally investing at least 80% of assets in emerging markets securities, according to Fidelity. The fund uses the MSCI Emerging Markets Free Index as its benchmark.

Emerging markets will include countries that have emerging market as defined by Standard & Poor's, countries with low- to middle-income economies according to the World Bank or other countries or markets with similar characteristics, according to the company.

"Even with the market rebound last year, the three-year bear market in U.S. equities was a valuable, although painful, learning experience for many American investors," says Marty Willis, executive vice president of Fidelity Investments Institutional Services Company. "It was a stark reminder that markets still move in cycles, that valuations matter and-most of all-that diversification is still an important element in long-term financial success."

In another launch, Man Group plc introduced an SEC-registered fund of hedge funds product designed for tax-deferred or tax-exempt investors.

The fund, Man-Glenwood Lexington TEI LLC, is open to tax-advantaged investors-pension plans, employee benefit plans, foundations, endowments and IRAs-with a $25,000 investment minimum.

The fund will provide qualified U.S. investors access to the portfolio of an already established multi-strategy fund of hedge funds which was launched 10 years ago, according to the company.