Hedge fund manager Brevan Howard Capital Management announced that it will issue a new IPO, BH Credit Catalysts, on the London Stock Exchange in December.
The new listed company is a closed-end feeder fund that will “invest substantially all” of its assets in the open-end Brevan Howard Credit Catalysts Master Fund.
David Warren, CEO and chief investment officer of Brevan Howard unit DW Investment Management, will manage the fund, according to a news release. The fund will charge a 2% management fee and a 20% performance fee after reaching its high-water mark.
Brevan Howard managed $32 billion in 13 existing hedge funds as of Sept. 30, according to the release.