Amsterdam may not be the only place in Europe to list a hedge fund anymore. With the U.K. Financial Services Authority reportedly relaxing rules to allow single-strategy funds to list on the London Stock Exchange, London-based hedge fund manager Brevan Howard hopes to raise between €500 million and €1 billion in a floatation during the first quarter. Another London manager, Polygon, is also considering an LSE launch.
Yet another London hedge fund firm, Marshall Wace, raised €1.5 billion when it listed its MW TOPS on Euronext Amsterdam last year.
Currently, the FSA forbids single-strategy funds from listing in the U.K. because they fail to meet diversification requirements. The regulator also imposes restrictions on short-selling by publicly-listed entities not amenable to hedge funds.
Genna GarverBy Genna Garver, John Brunjes, and Cheri Hoff of Bracewell & Giuliani -- On Oct. 27 the Private Fund Investment Advisers Registration Act of 2009 (H.R. 3818) moved one step closer to becoming law with the 67-1 approval of the U.S. House of Representatives Committee on Financial Services (the "Bill"). More...
Investors this week announced the formation of NewWorld Capital Group, a private equity firm that will invest in middle-market companies and related infrastructure projects in the cleantech sphere. More...