UK Partners at Brevan Howard Asset Management saw their compensation drop significantly in the past year, reflecting a decline in revenue and operating profit at the hedge fund founded by billionaire Alan Howard, according to a report by Financial News.
The report cites filings with Companies House as showing that for the fiscal year ending 31 March 2024, Brevan Howard paid £77.2m to its partners, down 48% from £147.6m the previous year. This equates to an average payout of £3.86m for each of the firm’s 20 partners.
The hedge fund’s UK fee income fell by 13.1% to £370m, compared to £426m in 2023. Operating profit similarly declined by 13.3% to £371m, down from £428m the previous year.
The firm’s corporate member, Brevan Howard Asset Management Services Limited, received £279m during the period and is responsible for paying wages and salaries to the firm’s employees.
Despite the dip in partner pay, Brevan Howard increased total compensation for its employees. The firm paid £94m to 451 staff members during the 12-month period, a significant rise from £66m in 2023, with the average employee receiving £208,425 in 2024.
Brevan Howard currently manages $35bn in assets. Its flagship Brevan Howard Master Fund gained 5.28% in 2024, while the Brevan Howard Alpha Strategies Fund returned 2.35%, according to sources familiar with the performance.
