Thursday, 23 March 2017
Last updated 14 hours ago
Oct 16 2009 | 1:15pm ET
Investors opted to keep Brevan Howard Asset Management’s listed hedge fund vehicle going despite a difficult year for the fund.
More than 95% of BH Global shareholders voted to keep the fund going. Yesterday’s vote was triggered by the fund’s discount to net asset value, which was more than 10% for over a year.
In fact, the discount was much worse than that at times: Its pound Sterling asset class traded at a 34% discount to NAV in December, averaging 13% for the last year. And the discount, which now stands at 8.9%, was resilient: Brevan Howard’s bid to reduce it through share buybacks failed to do the trick.
The $998 million fund is the third-largest listed fund on the London Stock Exchange.