ZURICH (Thomson Financial) - Swiss Re has acquired a 15 pct stake in British hedge fund Brevan
Howard Asset Management for an undisclosed sum, a Swiss Re spokesman said Saturday.
The move was designed to strengthen the reinsurer's position in 'a growing and very attractive sector,' the spokesman said, without giving further details.
In a statement Friday, BH Macro Ltd, Brevan Howard's listed closed-end fund, said the stake purchase has no impact on the management of the group.
London-based Brevan Howard Asset Management handles some 14 bln usd, according to the Swiss press.
Hedge funds are private investment funds which enjoy considerable freedom from regulation and often use highly speculative means of generating profits.
They have been partially blamed for the current credit crunch stemming from the sub-prime mortgage lending crisis in the US.
COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.