Brevan Howard’s publicly-listed fund on the London Stock Exchange is shaping up to be something of a disappointment, according to published reports.

The London-based hedge fund manager may fall short of its €1 billion (US$1.3 billion) target for the listed fund, the BH Macro Fund, which will invest its assets in Brevan’s Master Fund.

The firm is reportedly asking current investors in the $11.3 billion Master Fund to move money into the new fund, which charges a substantially lower performance fee, 20%, than the existing fund, which charges 25%. Both charge a 2% management fee.

The Macro Fund’s shares are on offer until March 8.