Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Explore the most informative hedge fund articles and take the news with you, using HedgeCo RSS.
Still want more? Browse the hedge fund blogs, authored by hedge fund industry experts.
Reuters - Shares in BH Macro, a listed feeder fund to the Brevan Howard global macro fund, Europe’s biggest hedge fund with assets of $20 billion, have sunk to a 13 percent discount to net asset value as a wave of selling has swept through European financial markets.
The fund was down 2 percent at 1255 pence in afternoon trading. Earlier Tuesday, BH Macro reported in a regulatory filing that its NAV at the close of business on Oct 3 was 1411 pence per share.
"The whole sector has moved to quite considerable discounts," said Mark James, executive director at RBS. "BH Macro is trading on its widest ever discount."
BH Macro has about $1.6 billion in capital. It came to market in early 2006 to provide access to Brevan Howard’s global macro hedge fund, which was and has continued to be closed to new investors.
Reuters- Hedge feeder fund BH Global said on Friday it has raised $1 billion (500 million pounds) from a placing with investors, double its initial target of $500 million, which will make it one of the UK’s biggest listed funds.
The fundraising highlights the demand that exists for certain hedge strategies, despite the poor returns from many funds in the industry this year, and trumps that by fund of hedge funds Dexion Absolute which in December raised an above-target $950 million.
"We are pleasantly surprised by the extent of the response," BH Global chairman Lord Turnbull told Reuters.
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.