Second time lucky

4 March 2008 By Simon Nixon

The UK hedge fund is hoping to capitalise on the performance of BH Macro, its existing permanent capital vehicle, and growing investor appetite for listed funds. The timing looks smart providing investors aren t spooked by recent hedge fund blowups.

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Brevan Howard is to launch a new listed hedge fund, BH Global, which will invest across the UK hedge fund manager's eight existing funds. BH Global is expected to raise $500m and will be listed on the London Stock Exchange.

Last year Brevan Howard listed BH Macro, which invests in the firm's flagship global macro master fund, raising around $800m. BH Macro is since up nearly 40% and currently trades at a 4% premium to net asset value.

In addition to global macro, Brevan Howard's fund strategies include Asian macro, equities, emerging markets, health, water and reinsurance. At launch, BH Global is expected to be 50% invested in the global macro master fund.

Morgan Stanley and Dexion are advising Brevan Howard on the transaction.

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