Whether or not Brevan Howard's listing of a hedge fund in London had been a huge success - and indications yesterday were that the fund management group would fall short of its goal of raising €1bn ($1.3bn) - it is questionable how many other funds will be tempted to follow it.

Even advocates of hedge fund listing concede that it will remain the domain of the biggest and highest profile fund groups. The attractions include the relative certainty and stability of so-called "permanent capital" - as distinct from the money invested in unlisted funds, which, although sometimes ring-fenced with penalty clauses and notice periods, can be withdrawn easily.