BH Macro (BHMG ), the Brevan Howard hedge fund, has priced its retail and institutional share issue at 431.5p per sterling share. New US dollar shares are priced at $4.47.

The pricing follows shareholder approval yesterday for a ten-for-one share split designed to make the stock easier to trade. 

It also comes after the publication today of its latest net asset value (NAV) per share, which stood at £42.27 on Friday before the split. The issue is priced 2% above the post-split NAV of 422.7p.

The placing and intermediaries offer closes at 3pm on Friday. Following the share split, BH Macro can issue up to 220m shares in this week’s offer and in the following 12 months. At the current price, the £1.3bn feeder fund for Brevan Howard’s master fund in the Cayman Islands could raise up to £948m.

After their first day of trading after the split, BH Macro shares closed at 438p, 6.5p above the offer price and at a 3.6% premium above the updated NAV.

Brevan Howard’s traders have taken advantage of exceptional volatility in interest rates and currencies to provide a 17% return to shareholders in the past year and 67% over three years. The shares have mostly traded at a premium to NAV as investors have reckoned the expensive ‘2 and 20’ charges are worth it for a fund that has made money when conventional equity and bond markets have fallen.