Brevan Howard Asset Management has added Andrew Saxton from Dymon Capital and David Nash, who previously worked at Millennium Management spin-off Modular Asset Management, to its Asia credit team, months after cutting global headcount by 10%, according to a report by Bloomberg.
Saxton has joined as Credit Portfolio Manager in Hong Kong, while Nash is based in Singapore and has been authorised for regulated investment activities with the firm since late July, according to filings with the Monetary Authority of Singapore.
While London-based Brevan Howard has been actively expanding its credit trading operations over the past few years, the appointments come in the wake of recent job cuts, the closure of underperforming funds, and reductions in fees for its flagship hedge fund, all aimed at controlling costs.
Under the leadership of CEO Aron Landy, Brevan Howard has been focusing on growing its credit, digital assets, systematic trading and commodities businesses alongside its core macro trading strategies. The firm’s assets have rebounded to around $34bn, recovering from a low of approximately $6bn in 2019 after peaking above $40bn in 2013. Brevan Howard has also been increasing its global footprint, including new expansions in Abu Dhabi.
Recent market fluctuations have been favourable, helping the $12bn Brevan Howard Master Fund turn a profit for the year. According to an investor letter reviewed by Bloomberg News, the fund gained an estimated 2.3% in the first two trading days of August and is up 1.1% for the year through 2 August.
In April, Brevan Howard reduced its headcount by about 100, primarily impacting back-office and technology staff but also affecting around 20 traders. Additionally, about two dozen traders were laid off in the previous month. The firm also closed funds managed by Alfredo Saitta and Louis Basger due to losses stemming from interest rate trades and eliminated the 1% management fee for the Alpha Strategies fund until the new year.
