The latest fund launch from Brevan Howard, the London hedge fund group with $24bn (£12.1bn) under management, is set to raise $1bn by listing on the London Stock Exchange – double its original target.

The managers had hoped to raise $500m for BH Global, a closed-end fund that will be chaired by Lord Turnbull, the former cabinet secretary, and invest about half the money in Brevan’s flagship macro fund as well as several other BH funds.