Anglo-French hedge fund Boussard & Gavaudan has raised €440m ($561m) in an initial public offering of its flagship fund, becoming the first single-manager hedge fund to be listed in Amsterdam and denominated in euros.

The proceeds will be invested by Boussard & Gavaudan, initially in its Sark fund, a market neutral hedge fund that has generated almost 9% a year with low volatility since launch in 2003. The amount raised exceeds an earlier target set by the hedge fund of $500m (€391m).