Brevan Howard will list a new close-ended investment vehicle, BH Macro, on the London Stock Exchange, the hedge fund manager said in a statement on Monday.
The FT reported earlier this month that Brevan Howard, which in four years has risen to become one of London’s biggest hedge fund managers, was planning to list the first hedge fund on the main London market. The LSE lost last year’s two big hedge fund listings to Euronext.
Brevan Howard plans to raise about €1bn as part of the listing, the proceeds of which would be invested in its existing Master Fund, which is predominantly exposed to global fixed income and foreign exchange markets.
Alan Howard, joint-chief executive said, “We believe this is the first fixed income/ global macro investment company to seek a
listing on the London Stock Exchange.” He added Brevan Howard felt the LSE “to be an ideal market to launch such a vehicle.”
Ian Plenderleith, who was a member of the Bank of England’s monetary policy committee from June 1997-May 2002, will become chairman of BH Macro.
Brevan Howard has selected Citigroup, Goldman Sachs and JPMorgan Cazenove as joint financial advisers, joint global coordinators, joint bookrunners and lead managers.