Close Brothers says: we agree with Brevan Howard!

Close Brothers has made a sideways compliment to billion-dollar London hedge fund group Brevan Howard by saying it is “pleased” to see players such as Brevan Howard following its lead into the London-listed single-manager hedge fund arena.

Marc Gordon, managing director of Close Fund Management, part of the Close group, noted the firm he heads “raised £145m last year by its placing of Close AllBlue Fund Limited, making it among the largest closed-end fund of hedge of hedge funds traded in the UK.”

The AIM-quoted fund invests in AllBlue Fund Ltd, a multi-strategy fund managed by BlueCrest Capital Management, he added.

His words come as it was announced London’s Winton Capital Management would join CFM (and Brevan Howard) in planning listings related to single funds.

The two latter firms manage assets worth $8bn and $13bn, and are each considering the IPOs of new vehicles investing in one of their hedge funds.

Brevan Howard will list BH Macro Limited in London “within months” in an attempt to raise €1bn to invest in the $11.3bn Brevan Howard Master Fund, a global macro fund that is otherwise closed to new investors.