Business | Investment
Two major global hedge funds list on DIFX
Brevan Howard (BH) Global Limited and BH Macro Limited, investment companies dealing in feeder funds managed by BH Offshore Management Limited, announced its secondary listing on the Dubai International Financial Exchange (DIFX) on Tuesday.
- By Nadia Saleem, Staff Reporter
- Published: 00:01 November 12, 2008
Dubai: Brevan Howard (BH) Global Limited and BH Macro Limited, investment companies dealing in feeder funds managed by BH Offshore Management Limited, announced its secondary listing on the Dubai International Financial Exchange (DIFX) on Tuesday.
While most international hedge funds have been suffering losses, BH Macro experienced a rise in net asset value of 40 per cent over the 19 months, according to a top company official.
Global has assets of approximately $1 billion, and Macro has assets of about $1.6 billion as of September this year, capital raised through initial public offerings on the London and Bermuda stock exchanges.
No new shares will be offered on the DIFX. The listing will only allow investors better access to its previously offered shares.
Lord Turnbull, chairman of BH Global, said they are looking for "a broader investor base to help liquidity. Listing here will make it easy for people to buy and trade our shares."
Turnbull added: "Our net asset value is exactly the same as it was in May, despite the fact that these are the most turbulent times we have ever seen."
Macro was established in April last year, and Global was launched last May.
BH Macro invests all its assets (net of cash retained for working capital) in the BH Master Fund Limited.
It is a global macro or relative value absolute return fund that has exposure primarily to global fixed income and foreign exchange markets.
BH Global solely invests in the BH Global Opportunities Master Fund Limited.
This fund seeks to spread risk by investing in a variety of funds managed by the BH group of affiliated entities to provide exposure to a range of strategies, asset classes and geographies.
Ian Plenderleith, chairman of BH Macro said, "The Gulf area is very much a part of the mainstream international financial system and investors here will take an international outlook."
BH, one of the largest hedge fund managers in Europe, has more than $26 billion of assets under managements as at the end of September.
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