Brevan Howard | Alan Howard | hedge Fund Notes

Brevan Howard Asset Management

Brevan Howard | Hedge Fund Notes

The following piece on Brevan Howard Asset Management and Allen Howard is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.

Resource #1: (8.24.09) Europe's largest hedge-fund manager has set up two Mauritius-based vehicles as a way for its flagship global-macro fund to invest in India, underscoring the growing interest in the region.

London-based Brevan Howard Asset Management LLP, which manages $24 billion, said in a stock-exchange filing late last week that it had created two funds in Mauritius to hold Indian investments for its flagship Brevan Howard Master Fund. That $15 billion fund pursues a freewheeling global macro strategy, investing in instruments its managers expect to be influenced by global economic themes. A spokesman said Mauritius funds are a standard way to invest in India for those who want to keep assets offshore. Read more...

Resource #2: (3.18.09) Last year’s economic cataclysm has reshaped the rankings of the top hedge fund managers in Europe.

Brevan Howard Asset Management took the top spot in Hedge Fund Journal’s annual league tables, displacing GLG Partners. Amidst disastrous performance and huge redemptions suffered by other hedge fund managers, London-based Brevan actually managed to increase its assets under management by almost 28%, to US$23.9 billion. Brevan’s London neighbors GLG, by contrast, saw its assets plummet by 37% to US$15 billion, leaving it in fourth place. source

Resource #3: (4.10.08) It's not all gloom and doom in the hedge fund sector, despite some widely publicized meltdowns among funds that invested in credit securities.

For instance, Brevan Howard Asset Management's flagship fund, which manages nearly $17 billion (8 billion pounds), was up 17.1 percent in the year-to-date through February, according to a March 5 letter to investors.

London-based Brevan Howard, one of Europe's biggest hedge fund groups with about $21 billion in total assets, trades mainly in currencies, government debt and other securities in a strategy known as "global macro."

The firm announced recently it plans to list a second "feeder" fund on the London Stock Exchange after last March's listing of BH Macro Ltd (BHMG.L), which raised $1 billion and has grown to more than $1.8 billion over the year. source

Resource #4: (8.18.08) Brevan Howard Asset Management has seen its assets soar 73% in the 12 months ending in June, as it dethrones Man Group’s AHL Strategy as the largest hedge fund manager in Europe, according to Financial News. London-based Brevan Howard, which specializes in global macro fixed-income investing, now manages US$26.3 billion.
All but one of the continent’s top 10 hedge fund saw their assets rise over the 12-month period, as older, more established hedge funds leveraged their superior operational infrastructures to garner more assets, FN said.

All told, the 10 largest hedge fund managers in Europe now run about 30% of the continent’s hedge fund assets. Those 10 have seen their collective assets rise by almost 20% to US$184 billion since the end of last June.

Last year’s top manager, AHL, posted an 18.6% increase in assets to US$25.5 billion, falling into second place behind Brevan Howard. GLG Partners held onto the third spot, as its assets rose 27.4% to US$23.7 billion. Barclays Global Investors’ assets were flat at about US$21 billion, as last year’s second-place finisher fell into fourth place. Lansdowne Partners rounds out the top five with a 20% increase in assets, to US$16.8 billion.

Winton Capital Management did not quite crack Europe’s top five, but the managed futures shop saw its assets rise an impressive 64% during the period, making it the continent’s sixth-largest hedge fund manager with US$15.9 billion. source

Resource #5: (10.10.08) Citadel Investment Group isn’t the only alternative investment firm on a hiring spree. Brevan Howard Asset Management has added a slew of executives, portfolio managers and traders this year, according to recent filings.

The firm has added Philippe Lespinard as a partner and Luigi Buttiglione as head of global strategy. The former was deputy CEO of Fischer Francis Trees & Watts, while the latter joined from Fortress Investment Group.

Brevan has also boosted its India-focused team with a pair of hires. Vilas Gadkari and Krishnan Sadasivam have joined the firm to work on a planned Indian equities fund, alongside portfolio manager Rommie Bhutani. Gadkari, who will co-manage the fund with Bhutani, is a co-founder of Rubicon Fund Management, while Sadasivam co-founded KDA Capital.

Brevan also hired Tim Whyte, formerly of Sofaer Capital, as a trader, as well as several other traders and analysts. source

Resource #6: (5.4.08) For Brevan Howard Asset Management it appears the second time was the charm.

The hedge fund firm with about $23.8 billion of assets under management, raised $1 billion in an initial public offering of a fund, double its original target.
Brevan Howard sold 70.8 million shares of Guernsey-incorporated BH Global, Brevan Howard said in a statement Friday. The shares were priced at $10, 10 euros ($15.70) and 10 pounds ($19.80) each.

The successful I.P.O. follows Brevan Howard’s disappointing 2007 initial public offering of another fund. In that offering, the hedge fund group raised 770 million euros ($1.2 billion) in the offering of BH Macro Limited, about half of the 1.5 billion euros it was shooting for.

That fund, however, has risen 41 percent in London trading since the shares were sold to the public last year.

“To have raised $1 billion in these markets is a great result and certainly beyond our initial target of $500 million,” BH Global Chairman Andrew Turnbull said in the statement.

When the hedge fund group, one of Europe’s largest, announced its intention in March of returning to the public markets, Breakingviews predicted a successful I.P.O., despite the hedge fund’s disappointing initial foray. It argued that the Brevan Howard was shooting for a more reasonable target and was doing so against the backdrop of the strong recent performance of its BH Macro fund. source

Resource #7: (3.15.08) Brevan Howard Asset Management LLP said Wednesday it is considering the launch of a new multi-strategy hedge fund, BH Global Ltd., which will be listed on the London Stock Exchange.

BH Global "will provide investors with exposure to a wide range of funds managed by Brevan Howard," the asset manager said.

Brevan Howard is one of Europe's largest hedge fund groups and has been steadily adding new funds over the past two years in an effort to boost assets and diversify its revenue streams.

In 2006, it launched a stock fund that now has $1.8 billion in assets and an Asian macro fund managing $2 billion.

The firm manages $20 billion in all and it is looking to raise around $500 million for its new BH Global fund, according to a person familiar with the situation. source

Resource #8: (8.18.08) Investors select managers with impressive operational infrastructure as well as good returns

Europe’s 10 largest hedge fund managers have taken advantage of superior operational infrastructures to grow their assets under management by almost a fifth in the 12 months to the end of June, according to analysis by Financial News/Wealth Bulletin.

UK global macro fixed-income manager Brevan Howard Asset Management increased its assets under management from $15.2bn (€10.3bn) in June 2007 to $26.3bn a year later, an increase of 73%, making it Europe’s largest hedge fund manager. Winton Capital Management, a managed futures or computer-driven hedge fund manager, increased its assets under management by 64% to $15.9bn, making it Europe’s sixth largest.

All but one of Europe’s largest 10 hedge fund managers increased assets in the past year. Europe’s largest 10 managers swelled their assets from $154bn in the 12 months to June 30 last year, to $184bn this year. In aggregate Europe’s hedge funds now hold about 30% of the global industry’s assets.

Nicola Meaden, chief executive of investment consultancy Dumas Capital, said institutional investors preferred managers with strong infrastructure and “managers with a record of 10 years or more, rather than start-ups”.

Brevan Howard dethroned AHL, the computer-driven investment system owned by Man Group, as largest manager, in part by pursuing a strategy common to some of its peers of listing hedge funds on exchanges. AHL slipped to second place ahead of London’s GLG Partners, and Barclays Global Investors. Lansdowne Partners retained last year’s fifth position. source

Resource #9: Alan Howard was formerly head of proprietary trading at Credit Suisse First Boston. In 2003 Howard founded his fixed-income focused hedge fund, Brevan Howard Asset Management. Howard's success contradicts the popular idea that bank prop traders struggle going out on their own.

The fund enjoyed a successful start, making £76m in its first year. Based in London's Mayfair, the firm employs over 100 staff placing it among the largest hedge fund operations in Europe.

Howard used his network of former trading colleagues in setting up his fund and successfully brought in interest-rate derivatives traders including Chris Rokos, Jean-Philippe Blochet, Trifon Natsis and James Vernon.

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