Nigerian stocks fall for second day as sentiment turns
LAGOS, June 22 Nigerian shares extended falls for the second day as sentiment started to weaken amid the possibility that index provider MSCI will downgrade Nigeria later in the year.
LONDON/NEW YORK, April 4 British hedge fund manager Alan Howard has raised more than $700 million from outside investors for a new fund that he will solely manage, two sources with knowledge of the matter told Reuters.
One of the sources said the AH fund, which started trading on March 1, had raised an additional $2 billion from the main fund at Howard's firm, Brevan Howard Asset Management.
Hedge fund firms that launch new funds sometimes move money from existing funds as well as raising cash from investors externally.
The AH Fund seeks a minimum $50 million investment from each investor, documents filed with U.S. regulator the Securities and Exchange Commission showed. That is far bigger than the average hedge fund investment per investor of $1.9 million, according to data from global industry tracker Preqin.
A spokesman for Brevan Howard declined to comment.
Howard's new fund, which is named after his initials, will charge a management fee of 0.75 percent and a performance fee of 30 percent.
The product - which is still open to new investment - has been launched at a time when Brevan Howard, which manages $14.6 billion, has seen an asset decline of around $22 billion since 2012, from a combination of losses and client withdrawals.
Howard founded Brevan Howard in 2002 along with four former colleagues from Credit Suisse and quickly gained assets based on savvy macroeconomic bets.
Brevan Howard was granted an injunction on March 23 to prevent Reuters publishing a story about the firm, claiming the company's right to confidentiality outweighed public interest. (Reporting by Maiya Keidan; Editing by Pravin Char)
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