Times Online – SIR ANDREW LARGE attacked London’s ban on listed hedge funds as “anachronistic†yesterday as he was named chairman of a record-breaking new €1 billion (£675 million) hedge fundfloating in Amsterdam.
The former Bank of England Deputy Governor and chairman of the Securities and Investments Board, forerunner to the Financial Services Authority, is to chair the new investment vehicle operated by the London hedge fund manager Marshall Wace. If it succeeds in raising its target of €1 billion it will be the world’s biggest listed hedge fund.
Sir Andrew said that London’s restrictions on the listing of single-strategy hedge funds was one reason for the choice of Amsterdam. Single-strategy hedge funds are usually banned from full listings in London because they are not sufficiently diversified and because of restrictions on short-selling. “It’s a historic thing,†Sir Andrew said. “I think it’s a bit of an anachronism.â€Â
Marshall Wace is the second hedge fund manager this month to choose Amsterdam to raise money in a permanent capital vehicle. Two weeks ago the Anglo-French hedge fund manager Boussard & Gavaudan chose it to raise $562 million.
