Brevan Howard Asset Management, the $24.8 billion hedge fund firm run by billionaire Alan Howard, eliminated about 50 jobs amid shrinking assets and near-zero returns this year, according to people familiar with the matter.
The reduction represents more than 10% of the 435 employees Brevan Howard had as of June 1.
“We have had to reassess our staffing needs, predominantly in back- and middle-office support functions, in light of our decision to focus on our core macro business and shut or spin off non-core funds over the last 12 to 18 months,” the firm said in an e-mailed statement.
Brevan Howard's assets shrunk 11% in the first nine months of 2015, a year marked by lackluster returns and fund closures as macro managers struggle to navigate markets. Earlier this year, the firm spun out credit funds run by David Warren and last year shuttered emerging markets and commodities pools. Brevan Howard's main fund has gained 0.2% this year through September, according to an investor update.
Earlier this year seven employees including Mark Hillery and Gertjan Vlieghe left the firm, according to company filings. Partner Vinay Pande, who oversaw the Brevan Howard Strategic Macro Fund out of New York, and his team are also departing, two people familiar with the matter said last month.
The asset decline comes as Brevan Howard co-founder Chris Rokos, who Mr. Howard described as an “exceptional trader,” started his own hedge fund at the end of September. His fund got more than $500 million from Blackstone Group.
