Giant listed hedge funds launch

CQS and Brevan Howard, two of Europe's largest hedge funds, are due to close subscriptions for listed credit hedge funds next week.

Discretionary managers, retail funds of funds and direct investors are expected to be eager investors before Brevan closes its subscription period on 8 December, and CQS a day later. The funds, each to be listed in London, are Brevan Howard Credit Catalysts Master and CQS Diversified. Their flotations will signal the end of a dry period in hedge fund IPOs, although AllBlue, a fund of BlueCrest Capital Management hedge funds, has raised over £500m via new share issues this year. The vehicles from CQS and Brevan Howard each feed into funds run only by those houses. This continues ...