DW Partners has assumed the role of manager for two hedge funds previously managed by Brevan Howard, totalling more than USD5 billion in assets, effective 1 January, 2015.
DW served as the investment manager for the vehicles with responsibility for all investment decisions for the Funds since their inception.
DW, a credit-focused multi-strategy asset manager, oversees in excess of USD6 billion in hedge fund assets, focusing predominately on corporate, structured and asset-backed investments. The firm has a team of 50 investment and operational professionals, and is headquartered in New York City.
The assumption of management by DW was overwhelmingly approved by the Funds' investors. This transition reflects many years of strong performance and partnership with investors, stretching back to the formation of DW in early 2009, and represents the culmination of many months of preparation to ensure a successful handover.
"This is an exciting day for DW Partners, and we thank all of our investors for their support during this process," says David Warren, Founder and Chief Investment Officer. "Our relationship with Brevan Howard has been an extremely successful one for investors, and we are grateful for the support of Alan Howard and his team. We look forward to continuing our close relationship with Brevan Howard as we begin the next phase of our development as an asset management company.
"We are confident that this transition will create a stronger and even more aligned relationship with our investors, and allow us to meet their growing and complex needs as we seek to produce the strong risk-adjusted returns that investors have come to expect from the Funds. Importantly, as the credit markets continue to evolve, this transition will allow DW to respond more nimbly to changing environments. We will be able to access new opportunities and work with sophisticated clients to provide capital efficiently to credit markets."