Jersey-based macro hedge fund major Brevan Howard Asset Management is set to return external capital from Fash Golchin’s dedicated hedge fund as the firm sharpens its focus on its flagship Master Fund structure, according to a report by Bloomberg.
The report cites an unnamed person familiar with the matter as revealing that the $1.4bn Brevan Howard FG Fund, launched in 2018, will cease managing third-party capital at the end of June. Golchin has been promoted to lead portfolio manager of the Brevan Howard Master Fund, where he is expected to oversee the largest cash allocation within the firm’s $11.4bn flagship vehicle.
Golchin currently manages around $3.4bn across Brevan Howard portfolios. His standalone fund delivered a 17.7% return in 2025 and has generated annualised gains of 9.9% since inception.
The move forms part of Brevan Howard’s broader effort to simplify its fund structure and concentrate macro risk-taking within the Master Fund, rather than through multiple externally capitalised vehicles.
Brevan Howard’s Master Fund gained 0.75% in 2025, lagging macro peers, while its multi-strategy Alpha Strategies fund returned 8%. The firm manages approximately $35bn in assets globally.
The decision continues a rollback of Brevan Howard’s earlier strategy of launching trader-specific funds. In recent years, the firm has closed vehicles run by Ville Helske, Alfredo Saitta, and Louis Basger, with only Minal Bathwal remaining from that cohort to run a dedicated external fund.
Golchin joined Brevan Howard in 2011 after serving as a managing director at Citigroup and currently leads an eight-person trading team.
