Investors in the hedge fund which UK manager Brevan Howard plans to list next month will have to place considerable faith in founder Alan Howard, according to the prospectus.

The fund's sales document said: "The investment performance of the master fund relies materially on the services of Alan Howard who, as at October 31, 2006, had responsibility for approximately 20% of the master fund's investment portfolio." It highlighted the risk of Howard's withdrawal following the listing of the fund, BH Macro, set for March 8.