Brevan Howard leads the listed hedge fund market to the cusp of fundamental change

Brevan Howard's Master hedge fund requires direct investors to invest a staggering $20m to get in. However, investors can gain access to such a high-end offering via the group's BH Global vehicle, for £11.29

Brevan Howard seems, at first blush, to be one of the world’s least accessible hedge funds. Its co-founder Alan Howard is rarely heard and never seen. His firm, Europe’s largest hedge fund politely declines to comment when mentioned in the press. And its flagship $20bn Master fund requires direct investors to stump up at least $20m to get in. So retail investors need not apply? Not quite. Since last May, they could buy shares in the listed BH Global. It allocates its $990m among six of Brevan’s hedge funds, including the Master, which made about 21% in the mercurial markets of 2008. ...