BH Global, BH Macro To Hand Over Management Pact To Brevan Howard

14th Jun 2010 11:43

LONDON (Dow Jones)--BH Global Ltd. (BHGG.LN) and BH Macro Ltd (BHMG.LN) said Monday they received a request from Brevan Howard (Jersey) LP, to novate the existing management agreement between the Companies and Brevan Howard Offshore Management Ltd so that Brevan Howard Capital Management LP becomes the new manager. MAIN FACTS: -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. -It is proposed that the management agreements for the underlying funds in which the Company directly or indirectly invests should also be novated so that the New Manager also becomes the manager of those funds. -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, the Brevan Howard Global Opportunities master fund limited or the underlying funds in which the master fund invests. -There will be no changes to the individuals who are currently responsible for providing management, investment management and risk services to the Company, the Master Fund and the underlying funds as part of the reorganisation. -At 1039 GMT BH Global shares up 1 pence, or 0.1%, at 1132 pence. -At 1039 GMT BH Macro shares up 3 pence, or 0.2%, at 1772 pence. -By Elliott Ball, Dow Jones Newswires; 44-20-7842-9314; [email protected] (END) Dow Jones Newswires June 14, 2010 06:43 ET (10:43 GMT)