Macro hedge fund Tekmerion Capital Management is spinning out from Brevan Howard Asset Management, and is set to relaunch later this year with over $1bn in investor commitments, according to a report by Bloomberg citing a company spokesperson.

The firm, led by Zachary Squire and Reed Morrissey, counts multi-strategy hedge fund Engineers Gate and early supporter Michael Novogratz among its initial backers. Brevan Howard retains an economic interest in the vehicle through a revenue-sharing arrangement, though it is not contributing capital to the relaunch.

Tekmerion initially joined Brevan Howard in 2024 as BH-Tekmerion Fund, where the team focused on building its systematic macro strategy. The spinout will allow the firm to operate independently while maintaining strategic ties with Brevan Howard, which has the right to invest alongside Tekmerion in the future.

Engineers Gate will provide capital, infrastructure and office space to support Tekmerion’s operations. Tekmerion uses a data-driven, hybrid systematic macro approach, a strategy Novogratz said is well positioned to capture major market shifts.

Brevan Howard’s Master Fund returned 0.75% in 2025, while its Brevan Howard Alpha Strategies fund gained 8%, reflecting broader performance across the firm’s macro and multi-strategy strategies.