Freshfields and Simmons list first closed-end fund on LSE

Simmons & Simmons has scored its second instruction on the float of a closed-end fund, working on the first one ever to be listed on the London Stock Exchange (LSE).

Hedge fund Brevan Howard hopes to raise $1bn (£510m) as part of a flotation of a closed-end investment vehicle, BH Macro, on the LSE.

The proceeds will be put into Brevan Howard’s existing Master Fund, which predominantly invests in foreign exchange markets.

Simmons advised Brevan Howard, with a team led by investment funds partner Steven Whittaker and tax partner Paul Hale, while Freshfields Bruckhaus Deringer advised BH Macro.

Corporate partner Monica McConville led the team at Freshfields, with senior associate Jonathan Baird.

Brevan Howard appointed Citigroup, Goldman Sachs and JPMorgan Cazenove as joint coordinators, bookrunners and advisers. Linklaters is advising the banks.

Although other closed-end funds have floated, this is the LSE’s first. As first reported in The Lawyer (20 November), it follows the flotation of MW Tops on Euronext. On that deal, Herbert Smith with alliance firm Stibbe advised MW Tops while Simmons were instructed by Marshall Wace, the originating hedge fund manager. Allen & Overy advised the underwriting banks.