European hedge fund Brevan Howard has expanded its US footprint by leasing office space in Miami, joining a growing number of financial firms establishing operations in South Florida, according to a report by the Real Deal.

The multi-strategy investment manager has taken almost 7,000 square feet on the third floor of Related Group's office building at 2850 Tigertail Avenue in Coconut Grove. The lease was completed in April, according to the landlord's representatives, although financial terms were not disclosed.

The Miami office adds another location to Brevan Howard's global network, which includes Jersey, London, Geneva, Hong Kong, Abu Dhabi, Bengaluru, Singapore, New York and Austin. Reports earlier this year indicated the firm was planning to expand into both Miami and Tokyo as part of its international growth strategy.

Led by CEO Aron Landy, Brevan Howard manages capital on behalf of institutional investors including sovereign wealth funds, pension schemes, endowments and foundations.

The move reflects the continued appeal of Miami as an emerging hub for hedge funds and alternative asset managers, despite a moderation in the post-pandemic influx of financial firms.

South Florida experienced a wave of relocations during and after the Covid-19 pandemic as investment firms sought lower taxes, a business-friendly environment and access to a growing financial ecosystem. While the pace of relocations has slowed, firms continue to establish smaller satellite offices before expanding their local operations.