Peter Hornick, head of business development, is departing alternative investment management firm Brevan Howard, according to a source familiar with the matter.
Brevan Howard has expanded significantly over the past few years and the business development team has been key to this growth, the source said. Now that the firm is larger and more complex the business development team is being restructured so that this key function will be integrated with the firm's business units rather than operate as an independent team.
The source also noted that this restructuring is a natural development as Brevan Howard grows and matures.
Mr. Hornick will work closely with the respective business unit heads through the transition before leaving the firm, the source added.
Mr. Hornick joined Brevan Howard in September 2020.
Brevan Howard has more than $33 billion in assets under management.
Further details were not available.