A period of poor performance has prompted macro hedge fund major Brevan Howard to embark on a strategic cost cutting exercise which will see the Jersey-headquartered firm axe around 100 traders and middle and back-office staff, according to a report by Bloomberg.
The report cites an unnamed person with knowledge of the situation in confirming that the job losses, which amount to just under 10% of the firm’s global 1,100 workforce, will affect around 20, mainly systematic, traders and 80 other staff.
News of the cuts come after the $35bn firm announced last month that 10% of its traders would be leaving the business as part of a semi-annual performance review.
According to a Bloomberg source, the cuts follow a rethink of the fund’s cost structure and infrastructure, which has increased during a period of rapid growth from 2019 when assets stood at about $6bn and the firm employed about 150 people.
Brevan Howard operates from offices in London, New York, Jersey, Abu Dhabi and Singapore.
