LONDON (Reuters) - Brevan Howard Asset Management plans to launch a new $750 million (£575.85 million) fund directly managed by a group of traders, the firm’s listed fund company told investors in a monthly shareholder report.
The launch of the new Alpha Strategies Master Fund follows Brevan Howard’s strong returns in the first half of the year as similar so-called ‘macro’ strategies, which bet on the global economy, have struggled.
Brevan Howard could not be immediately reached for comment on the launch.
Brevan Howard’s listed hedge fund company, BH Macro Limited, which invests all of its assets in the main $3.7 billion fund, generated its best first-half returns since 2009, at 9.58 percent, the same report, dated July 31, showed.
The average macro hedge fund lost 1.75 percent over the same period, according to data from industry tracker Hedge Fund Research.
Billionaire Alan Howard’s firm had struggled in recent years amid sluggish performance and investors pulling cash.
The $499 million listed macro fund, which has to publish a report of its performance monthly, lost 0.3 percent in 2017.
Brevan’s new hedge fund will launch on Sept. 1, the report said.
Reporting by Maiya Keidan; editing by Mike Collett-White