LONDON (Reuters) - Hedge fund firm Brevan Howard said on Monday it is looking to raise $500 million (250 million pounds) for BH Global, its second London-listed fund.
BH Global, which is likely to be launched towards the end of May, according to a source familiar with the situation, will be listed on the London Stock Exchange’s main market and is considering applying to list its US dollar shares on the Dubai International Financial Exchange.
BH Global is a feeder fund into Brevan Howard Global Opportunities Master fund, which will invest up to 40 percent of assets in the Brevan Howard Master fund, and 10-20 percent each in the Equity Strategies Master fund, the Asia Master fund, the Emerging Markets Strategies Master fund and the Strategic Opportunities fund.
Last year Brevan Howard launched BH Macro, a feeder fund into the Brevan Howard Master fund.
Its sterling share class rose 20.67 percent between March and December last year, and has risen an estimated 14.86 percent in the first three months of 2008.
A number of listed funds of hedge funds have been able to raise money in recent months thanks to investor appetite for portfolios able to make money in all market conditions.
“The tremendous success of BH Macro demonstrates the investor appetite for high quality, closed-ended funds which provide access to hedge fund strategies,” said Stephen Stonberg, director of BH Global.
Brevan Howard said last month it was considering launching BH Global.
Brevan Howard was founded in 2002 and manages around $23.8 billion in assets.