CEFs Unaffected By Howard's Return of Capital

CEF TIMES October 5-11: Brevan Howard returns capital to 'certain' investors following the rise in assets exceeding optimum size

Jackie Beard, FCSI, 12 October, 2011 | 11:05AM
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Acuity VCT 3 (AQT3): The boards of Foresight 4 (FTF), Foresight Clearwater (FCV), Foresight 5 (FRF) and Acuity VCT 3 have agreed to merge all four companies, in an attempt to increase both cost efficiency and diversification. The combined entity will have approximately £60.78 million in assets under management. Shareholder approval will be needed from all four entities for this to proceed. The aggregated assets should result in a lower total expense ratio for all shareholders.

BH Global (BHGG) and BH Macro (BHME): Brevan Howard has announced it will return capital to 'certain' investors, following the rise in assets to $27 billion from their optimum $25 billion. BH Global and BH Macro have confirmed they won’t be affected by this; both funds feed capital into the Master Fund. About $2 billion will be returned to bring the fund back to its optimum level, as set by Brevan Howard.

CATCo Reinsurance Opps (CAT): The board is considering the possibility of a fund-raising, to take advantage of the current high cost of insurance ahead of the January 2012 renewal cycle. The fund currently has $61 m in assets and trades at a modest premium to its NAV.

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