Thomson Financial- The committee of European securities’ regulators (CESR) will refrain for now from imposing law-like controls on hedge funds after 13 big European funds have presented a voluntary codex of behaviour, president Eddy Wymeersch told Financial Times Deutschland.

‘From a qualitative perspective, the plans are of high value and very balanced,’ he said. ‘Now, we will observe if it works and take tougher actions (if necessary).’

But Wymeersch said those voluntary rules of behaviour cannot solve all issues, adding the codex does not address the systemic risks that arise in the financial market if a hedge fund collapses.

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Tags: investment-funds, shareholders-association

Thomson Financial- BH Global Ltd., the second fund of hedge funds feeder fund to be floated by Brevan Howard Asset Management LLP, said it has raised $1 billion from its initial public offering in London, twice the amount expected.

Lord Turnbull, BH Global Chairman said, "To have raised $1 billion in these markets is a great result and certainly beyond our initial target of $500 million… This result clearly demonstrates investor appetite for high quality closed-ended funds." The company placed 70.8 million shares and also has an over-allotment option of up to $100 million, which is exercisable until June 22.

Its IPO comprised about 36.39 million U.S. dollar shares, about 11.24 million euro shares and about 23.19 million sterling shares — priced at $10, 10 euros and 10 pounds per share.

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Tags: 100-million, benchmarks, da-vinci, farmland, finance, first-avenue, global-coordinator, high-performance, london-interbank-offered-rate, merrill, shareholders-association, year-to-date