Third Point, a US hedge fund manager, has postponed by a day its plan to list a fund on the London Stock Exchange after falling short of its €500m ($690m) target.

The firm has raised only about two-thirds as much as it hoped, according to the Wall Street Journal, part of the Dow Jones group that owns Financial News. It has delayed the issue until tomorrow in the expectation of raising more. Orders for shares continued to arrive throughout the day yesterday.