Around one in 10 of the traders at Brevan Howard Asset Management, the hedge fund firm co-founded by Alan Howard, are to leave the business as part of its latest biannual performance review, according to a report by Bloomberg.
The report cites unnamed sources as confirming that around 24 of the Channel Islands-based firm’s roughly 210 traders are being axed due to underperformance, after returns at Brevan Howard’s flagship Master Fund lost about 3% this year. The $12.5bn firm’s Alpha Strategies fund, meanwhile, is down around 2.2% so far this year.
The Master Fund chalked up one of its worst monthly performances ever in February losing 3.2% from wrong-way bets on US interest rates. The fund lost 1.9% in 2023 having gained 22% in the previous year.
Some of those departing Brevan Howard worked on macro trading, while others focused on systematic trading, according to Bloomberg’s sources.
