DW Partners assumed full management of two hedge fund strategies with aggregate assets of about $5.7 billion from Brevan Howard Capital Management on Jan. 1, said Steven Bruce, a DW spokesman, in an interview.
Under its previous name, DW Investment Management, DW Partners began managing hedge fund strategies as a subadviser for Brevan Howard in 2009 when David Warren, DW’s chief investment officer, founded the firm.
As of Jan. 1, DW Partners controlled the DW Catalyst Master Fund, its related feeder funds and DW Catalyst Ltd., a collective fund listed on the London Stock Exchange, and the DW Value Master Fund and its related feeder funds. The Catalyst strategy vehicles totaled $4.75 billion as of Sept. 30 and the value strategy funds, $900 million.
Prior to the transition, the two strategies used the Brevan Howard name, according to DW’s most recent SEC ADV filing.
Investors in the DW funds approved the transfer of management of the funds in late 2014.
“We are confident that this transition will create a stronger and even more aligned relationship with our investors,” Mr. Warren said in a news release.
“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,” Mr. Warren added.
DW Partners managed a total of $6 billion as of Dec. 31.