LSE float disappoints CMA

CMA, a Swiss fund of hedge funds manager, has raised $402m (€322m) on the London Stock Exchange. It had hoped to raise 25% more, a warning for the two other funds of hedge funds coming to market this summer, bankers said.

CMA, which before the flotation had $1.65bn of assets, had said it was hoping to raise $500m from the London listing.

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