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A
cash-raising drive for the funds, which will invest in stocks
and bonds and allow investors to get their money out daily and
avoid a performance fee, comes as the firm's main fund - which
is already open to outside investors - has struggled with
performance and shed assets.
Investors have pulled billions of dollars from Brevan's main
fund in recent years to leave assets at $17.6 billion at the end
of March, down from about $27 billion two years ago. Last
November the firm laid off 50 support staff.
Combined assets in the new funds - The Global Investment Fund
and the U.S. Investment Fund - were $151 million in February,
the source said, confirming a Bloomberg report.
Both are 'liquid alternatives' funds, which look to mimic
traditional hedge fund investments using liquid assets such as
futures, allowing investors to exit within 24 hours instead of
having to wait three months or even longer.
The funds are managed by a 16-strong team in its Liquid
Portfolio Strategies business led by former UBS Group executive
Roberto Hoornweg, who was hired to lead the business in late
2014.
(Reporting by Maiya Keidan; editing by Adrian Croft)
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