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BH Macro Limited – Intent To Amend Management Agreement
Hamilton, Bermuda – 14 June, 2010 – In a filing to the Bermuda Stock Exchange, BH Macro Limited (the “Company”) has received a request from Brevan Howard (Jersey) LP (“BHJ”), the parent entity of Brevan Howard’s international group (the “Brevan Howard Group”), to novate the existing management agreement between the Company and Brevan Howard Offshore Management Limited (the “Current Manager”) so that Brevan Howard Capital Management LP (the “New Manager”) becomes the new manager of the Company. This change is intended to create a more efficient corporate governance framework and to give the manager more effective control of the underlying investment management entities in the Brevan Howard Group.
In addition, it is proposed that (1) the management agreement for Brevan Howard Master Fund Limited (the underlying fund in which the Company invests) (the “Master Fund”) should also be novated so that the New Manager also becomes the manager of that fund and (2) the related investment management agreements between the Current Manager and Brevan Howard Asset Management LLP, Brevan Howard Investment Products Limited, Brevan Howard Israel Limited, Brevan Howard (Hong Kong) Limited and DW Investment Management LP (collectively the “Investment Managers”) would also be novated to the New Manager. If the novations are effected, the New Manager will assume liability for all existing obligations of the Current Manager under those agreements.
No changes are being proposed to the economic and other substantive terms of the management agreements of the Company and the Master Fund or to the investment management agreements with the Investment Managers. There will be no changes to the individuals who are currently responsible for providing management, investment management and risk services to the Company and the Master Fund as part of the reorganisation. The role of the Investment Committee of the Current Manager to determine allocations of the Master Fund’s assets amongst the various investment managers will be performed by a similar committee of the New Manager.
The Current Manager is a Cayman Islands corporation regulated by the Jersey Financial Services Commission in the conduct of fund services business. The New Manager is a Jersey limited partnership, the general partner of which is Brevan Howard Capital Management Limited, a Jersey limited company (the “General Partner”). The General Partner is regulated by the Jersey Financial Services Commission in the conduct of fund services business. The Current Manager and the New Manager are both under common ownership of BHJ.
It is currently anticipated that, if effected, novation of the management agreements for the Company and the Master Fund would take place on or around 18 June 2010.
Company website: www.bhmacro.com
Enquiries:
Anthony Payne
Peregrine Communications Group + 44(0) 203 178 6869