Alt Investments

UK Hedge Fund to List in London

Tom Burroughes Deputy Editor London 28 March 2008

UK Hedge Fund to List in London

A hedge fund that became the first to float on the Amsterdam stock exchange plans to add a London listing in a move that will boost the London Stock Exchange's efforts to attract so-called alternative fund listings, the Financial Times reports. Boussard & Gavaudan Holding, run by London's Boussard & Gavaudan, plans to go ahead with a dual listing, following a similar move by MW Tops, an Amsterdam fund run by London's Marshall Wace. Both funds chose to list on Euronext in Amsterdam when London rules prohibited listed "feeder" funds, which invest all their assets into one underlying hedge fund. The flotations were both successful, with B&G raising €440 million ($694 million) initially and another $836 million later, but both have since bought back shares after they fell to a discount to net asset value. Meanwhile, Reuters reports that the UK fund firm Augustus Asset Managers said it has relaunched a quantitative currency hedge fund after changing its computer-driven model following tough conditions for quant funds last year. Augustus chief executive Tim Haywood said Augustus's Systematic fund, which was launched on 1 July but closed in early November after a tough third quarter, was relaunched on 1 February.

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