Brevan Howard Preps Multi-Strat Fund

Feb 13 2008 | 9:50am ET

Brevan Howard, the $20 billion British hedge fund manager, is currently prepping a new multi-strategy offering to be launched within the next few months.
A source with knowledge of the fund said the new vehicle is similar in strategy to the firm’s existing $16.5 billion Brevan Howard Master Fund, but has a bit more leeway.

“In fact, a lot of what goes into it initially will be pari-passu with the Brevan Howard fund, but what this mandate has is more flexibility to express trades outside core fixed-income and FX,” said the source.

“Last year, there was a potential profitable trade in ABX, but given the mandate and the core focus of the Brevan Howard Fund it couldn’t express that in size. This fund has the ability to do that with high-conviction trades outside of fixed income and FX.”

The fund is reportedly looking to attract US$500 million to US$1 billion in commitments at launch and has a two-year lock-up. The source declined to offer any further specifics.

Last year, Brevan Howard Asset Management’s publicly-traded hedge fund vehicle, BH Macro, which invests in the Master Fund, raised US$131 million in a new share offering.

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