Brevan Howard Asset Management, Europe’s second-largest hedge fund, is looking to the U.S. to raise money for a 3-year-old investment pool focused on currencies.
London-based Brevan Howard filed an Aug. 9 private-placement notice with the Securities and Exchange Commission to raise an unspecified amount of assets for its $1 billion Macro FX fund.
Brevan Howard is boosting its profile in the U.S. as surveys show American pension funds and endowments are more bullish on hedge funds than their European counterparts. Brevan Howard announced last month that it had opened a New York-based investment firm, and the hedge fund formed a partnership this year with the $47.9 billion Pennsylvania Public School Employees’ Retirement System, Harrisburg, to buy mortgage-backed securities.
Brevan Howard officials declined to comment.
Brevan Howard, which managed $36.7 billion at the end of June, started Macro FX in 2009. The fund has produced an average annual gain of 3.6% since its inception in November 2009 through June of this year, compared with a 3.7% rise for the broader industry, according to data compiled by Bloomberg and Hedge Fund Research Inc.
Other hedge funds that trade currencies based on global economic trends produced an average annual loss of 0.9% from November 2009 through June of this year, the most recent data available from Hedge Fund Research.