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Lord Andrew Turnbull by Beverly Chandler, Opalesque London:
Back in June 2008 when the financial world was still enjoying a relatively balmy existence, Lord Andrew Turnbull, ex-head of the British Civil Service, decided to get to know the world of hedge funds by accepting the role of chairman of Brevan Howard Global (BH Global). "We had three glorious months and then the roof fell in" he recounts.
Brevan Howard created feeder funds into its main funds in 2007, firstly with BH Macro and in June 2008 with BH Global. "It tells you something of the resilience of the fund" Turnbull says, "as the share price swept down and then the Madoff thing hit and it fell further in early months of 2009 but the NAV stayed close to its opening level. Since then we havent had a negative year in terms of NAV."
As a relative newcomer to hedge funds, Turnbull comments on the enormous variety within the hedge fund sector. "Some are highly speculative" he says, "but others are designed to make money when conditions are favourable and to protect your wealth when they are not, to manage risk rather than take risk."
BH Global is a single manager listed hedge fund that invests directly in Brevan Howard (BH), the largest hedge fund company in Europe, and six BH funds, giving it a multi-strategy approach. Latest figures show it with $1,055 million in assets.
"Its a multi- strategy investment company with a variety of strategies such as commodities...................... To view our full article Click here
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