Brevan Howard is launching a closed-end version of its flagship Credit Catalysts strategy.
Credit Catalysts aims for a high level of absolute return by investing in corporate and asset-backed bonds, analysing market catalysts on a fundamental basis.
The investment manager of the fund will be DW Investment Management, a New York-based credit manager that runs money exclusively for Brevan Howard. (article continues below)
The London-listed fund will feed into the Brevan Howard Credit Catalysts Master fund, which was launched in June 2009.
The annual management charge will be 2% and the performance fee 20%. Discount controls will kick in when discounts reach 5% or above.