Brevan Shutters First UCITS Fund

Mar 9 2010 | 4:47am ET

UCITS III-compliant vehicles are one of the fastest-growing segments of the hedge fund industry, except at Brevan Howard Asset Management.

Europe’s largest hedge fund manager has pulled the plug on its first UCITS fund and said goodbye to its managers, Financial News reports. Philip Payne and Ian Winship have left the firm.

The Brevan Howard Absolute Return Bond Plus Fund never attracted much interest from investors, “despite positive performance,” the London-based firm told investors last month. The fund was seeded with US$250 million.

Payne and Winship joined Brevan Howard in 2008 along with three colleagues from Aberdeen Asset Management. The other three, Adrian Hilton,  Harry Melandri and Michael Siviter, remain at the firm.


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