Listed Brevan Howard Fund Survives Shareholder Vote

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.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of