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Brevan Howard Investment Management Limited
Brevan Howard Investment Management, founded in 2002 by Alan Howard, is a London-based macro hedge fund manager. AUM topped $10B at its peak.
Brevan Howard Investment Management Limited
Brevan Howard Investment Management Limited was founded in 2002 by Alan Howard, a former Credit Suisse trader. The firm emerged from the collapse of spread betting on European interest rates during Howard's early macro bets, and it quickly became a dominant macro hedge fund manager, with Howard stepping back from day-to-day trading in 2020. The firm pursues a discretionary macro strategy, trading fixed income, currencies, equity indices, and volatility across global markets. It has expanded beyond its flagship Master Fund into sector-specific and multi-manager vehicles. Publicly disclosed holdings include significant positions in U.S. Treasuries and eurozone sovereign bonds. Brevan Howard operates principally from London and maintains offices in New York, Geneva, Singapore, and elsewhere. At its height, Brevan Howard managed around $10B in assets under management, per Bloomberg. The firm has approximately 200 employees, though exact numbers are not publicly disclosed. Alan Howard's personal wealth, estimated at over $1.5B by Forbes, is partly tied to his philanthropic endeavors through the Howard Family Foundation, which focuses on artificial intelligence and scientific research. In April 2024, Bloomberg reported that Brevan Howard returned investor capital totaling $6B since 2021, reflecting a strategic downsizing and a pivot to higher-fee structures. A structural differentiator is Brevan Howard's partnership model: it operates as a limited liability partnership where a group of senior portfolio managers share governance and profit allocation. This structure, combined with the firm's tradition of founder-driven macro investing transitioning to institutional management, gives it flexibility and longevity rare in the hedge fund industry.
General information
Firm type
Asset Manager
Year founded
2002
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Alan Howard
Co-Founder
Jean-Philippe Blochet
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Brevan Howard?
Alan Howard co-founded the firm and stepped back from daily trading in 2020. The investment committee is led by senior portfolio managers including Jean-Philippe Blochet (CEO) and others, per public reports. The firm operates a partnership model where senior PMs share governance.
How does Brevan Howard source proprietary deal flow?
Brevan Howard generates alpha primarily through discretionary macro analysis of global central bank policy, interest rate differentials, and geopolitical events. It leverages extensive internal research on macro themes and operates a dedicated research team, but its edge lies in experienced portfolio managers making capital allocation decisions.
Is Brevan Howard structured as a family office or does it operate more like an asset manager?
Brevan Howard is a commercial asset manager, not a family office. Alan Howard's personal wealth is managed separately through his family office, but Brevan Howard is a publicly registered limited liability partnership managing external capital. The firm's funds are open to qualified investors.
Does Brevan Howard participate in fund commitments or only direct deals?
Brevan Howard primarily invests through its own in-house hedge fund vehicles, including the flagship Master Fund and sector-specific funds. It does not typically make direct private equity investments or co-investments, focusing instead on liquid macro strategies. The firm may allocate to third-party managers via separate accounts.
What investment stages does Brevan Howard typically target?
Brevan Howard focuses entirely on liquid macro and fixed-income trading strategies. It does not target venture-stage or private equity investments. Its core activity is short-term to medium-term discretionary trading across global government bonds, currencies, equity indices, and volatility derivatives.
Which sectors does Brevan Howard explicitly avoid?
Brevan Howard formally avoids venture capital, private equity, real estate, and credit origination. Its mandate is strictly macro and liquid markets. The firm has no exposure to direct company ownership or illiquid asset classes.
Where does the underlying wealth come from?
Alan Howard generated the bulk of his personal wealth from trading fixed income and currency derivatives at Credit Suisse and through Brevan Howard's success. He is a UK citizen and ranked by Forbes as a multibillionaire. The wealth is derived from decades of macro hedge fund management fees and personal trading profits.
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