Brevan To Market US$1 Billion Currency Fund To U.S. Investors

Brevan Howard Asset Management has launched a U.S. fundraising effort for its three-year-old currency hedge fund.

The London-based firm, which opened a New York office last month, informed the Securities and Exchange Commission of the capital-raising push in an Aug. 9 private-placement notice. Would-be investors in the US$1 billion Macro FX Fund will have to pony up at least US$1 million.

Macro FX is run by Luke Ding, a former Merrill Lynch foreign exchange trader. The fund debuted in November 2009 and has enjoyed annualized returns of 3.6% since inception.

The private placement keeps Brevan from having to register with the SEC. The firm's new U.S. affiliate is registered with the regulator, but currently invests only on behalf of Brevan's flagship hedge fund.