LONDON (Alliance News) - BH Global Ltd Friday said it has put out a proposal to amend its investment policy, which would allow it to invest all of its assets, excluding cash retained for working capital, into Brevan Howard Multi-Strategy Master Fund Ltd.
The closed-ended investment company said that the recommended proposal includes allowing it to invest all of its assets in Brevan Howard Multi-Strategy Master Fund, an open-ended investment company it has managed since 2008 and which currently has assets under management of USD4.3 billion.
BH Global believes that amending its investment policy, will allow it to take advantage of the increased flexibility and direct exposure to trading talent across the Brevan Howard group, which it said will benefit the return profile of the company.
Under the proposed new arrangements, fees borne by BH Global's shareholders would amount, in aggregate, to a 2% management fee per year, and a performance fee of 20% payable on the performance of Brevan Howard as a whole.
"The proposal, if approved, would not be implemented until after completion of the Euro class closure process that is currently in operation," the firm said.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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