Saturday, 25 October 2014
Last updated 17 hours ago
Jun 4 2008 | 11:40am ET
The London Stock Exchange has won another dual listing of a listed hedge fund with Boussard & Gavaudan Asset Management’s announcement that it will join Marshall Wace in London.
The firm plans to list its Boussard & Gavaudan Holding fund, which debuted on Euronext Amsterdam in November 2006, on the LSE on June 17, subject to shareholder approval. The decision leaves Amsterdam with no single-manager hedge fund vehicles exclusively listed at its bourse.
B&G said it will create a pound sterling share class to facilitate the London listing. Both the new sterling and existing euro share classes will be listed on both exchanges; investors will be able to convert between them on a quarterly basis.
“These measures are aimed at achieving liquidity and transparency for the benefit of shareholders, and it is hoped that the quarterly conversion facility will assist B&G Holding in accomplishing these objectives,” B&GAM CEO Emmanuel Gavaudan, said. “The proposals the company has announced are intended to be shareholder-friendly and to bring long-term benefits to all investors.”
B&G Holding, which raised US$1.5 billion in two share sales on Euronext Amsterdam, has seen its net asset value fall 3.2% in 2008. B&GAM is also concerned about its persistent discount to NAV, currently about 16%.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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