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Brevan Howard is a global hedge fund management business head quartered in Jersey[1][2], founded in 2002 and is now the second largest in Europe[3] with around $40 billion[1] in assets under management as at September 2013. Brevan Howard employs over 60 portfolio managers, manages 11 different funds, has over 800 investors[4] and manages the largest global macro hedge fund in the world as at July 2013[5][6][7], the Brevan Howard Master Fund, which has never had a losing year-end in terms of performance, to date.[8]

Brevan Howard
Company typePrivate
IndustryInvestment Management
Founded2002 (2002)
Headquarters
Jersey
Websitebrevanhoward.com

Founding

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The firm was co-founded by Alan Howard and four colleagues from Credit Suisse in 2002.[9] Brevan Howard employs over 430 people[10] spread over offices in St. Helier, London, Geneva, New York, Hong Kong, Tel Aviv, Dublin and Washington. The firm manages 11 separate funds[4], including the flagship Brevan Howard Master Fund which runs a ‘global macro’ strategy with about $27bn of assets under management.[11] A report in Financial News states that since the flagship Brevan Howard Master Fund’s launch with $870m on 1 April 2003, it has generated net gains of over $16.5bn for investors, and from launch to the end of February 2013, the $27bn fund has posted annualised gains of 12.21%, with 5.33% annualised volatility, according to investors.[4] 

Company name

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‘Brevan Howard’ is the name used to refer to the group as a whole, which is often confused with ‘Brevan Howard Asset Management,’ which actually refers to the London office alone. 

Strategies

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Brevan Howard employs a combination of global macro and relative value trading strategies including in the fixed income,foreign exchange, emerging markets, credit and commodities markets[3]. Brevan Howard’s global macro trading seeks to take advantage of changes in global economies and has a natural focus on monetary policy formation, macro-economic changes,policy cycles and investor responses to the disequilibrium they produce. The firm’s relative value strategies seek to identify related sets of securities and derivatives,which differently discount a given set of expectations on the dynamics of the global economy.

Brevan Howard’s business model is based on multiple risk-takers acting independently within their investment strategy mandate: “As such there is no top-down Brevan Howard view of the world,”[4] according to Nagi Kawkabani, a founding partner[12] at Brevan Howard. 

Hedge Fund Strategies & Launches

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Launch Year Strategy Description
2003[13] Brevan Howard Master Fund Limited (“BHMF”) Global macro strategy focusing on multi-asset global markets and mainly directional.
2004[3] Brevan Howard Asia Master Fund Limited (“BHA”) Absolute return fund, primarily with exposures to fixed income and FX markets in Asia.
2007[3] Brevan Howard Emerging Markets Strategies Master Fund Limited (“BHEMS”) Seeks to generate attractive risk adjusted returns by identifying directional and relative thematic opportunities within global emerging credit, FX and equity markets.
2008[3] Brevan Howard Multi-Strategy Master Fund Limited (“BHMS”) Invests in a range of Brevan Howard funds/investment managers; allocations to each fund made by Brevan Howard Capital Management’s Investment Committee.
2009[3] Brevan Howard Credit Catalysts Master Fund Limited (“BHCC”) Invests across mortgage/asset-backed securities, structured credit, performing credit and distressed credit.
2010[14] Brevan Howard Commodities Strategies Master Fund Limited (“BHCS”) Provides exposure to commodities using derivatives across energy, metals, agricultural/softs.
2010[15] Brevan Howard Systematic Trading Master Fund Limited (“BHST”) Strictly quantitative approach of rules-based futures trading.
2012[16] Brevan Howard Credit Value Master Fund Limited (“BHCV”) Invests in mortgage-backed securities, collateralized debt obligations linked to real-estate and illiquid securities trading below their intrinsic value.
2012[17] Brevan Howard CMBS Master Fund Limited (“BHCMBS”) Invests in all types and tranches of commercial mortgage-backed securities.

UCITSIV Strategies & Launches

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Launch Date Strategy Description
2010[18] Brevan Howard Investment Fund: Emerging Markets Local Fixed Income Fund Limited (“BHEML”) Invests predominantly in fixed or variable interest transferable securities (except shares and other participation rights), money market instruments and financial derivatives instruments referencing interest rates, government bonds or foreign currencies.
2009[19] Brevan Howard Investment Fund II - Macro FX Fund Limited (“BHMFX”) Invests in forward and option instruments on foreign exchanges and in foreign exchange spot trading.

Listed companies / feeder funds

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Brevan Howard’s overall AUM includes approximately $3.5 billion in assets from its ‘listed feeder funds’[20][21][22]. All three companies are listed on the London stock exchange and invest all of their assets in them aster funds of one or more of the hedge fund strategies listed above. As at May 2013, each of these listed companies has never had a losing year in respect of NAV performance.[20][21][22]

London listings strategies & launches

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Launch Date Strategy Description
2007[20] BH Macro Limited A fund investing in Brevan Howard Master Fund, whose objective is to generate consistent long-term appreciation through active leveraged trading and investment on a global basis.
2008[21] BH Global Limited Invests all of its assets in the Brevan Howard Global Opportunities Master Fund.
2010[22] BH Credit Catalysts Limited Invests all of its assets in the Brevan Howard Credit Catalysts Master Fund.

Bermuda Listings

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BH Macro Ltd. and and BH Global Ltd. were listed on the Bermuda Stock Exchange on 20th October 2008.[23][24]

Dubai Listings

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BH Macro Ltd. and BH Global Ltd. were listed on the Dubai International Financial Exchange on 11 November 2008; the companies trade in USD on the Dubai bourse.[24]

Awards

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Brevan Howard has won awards across a broad spectrum of categories since 2004, including for fund performance, fund size and corporate leadership.

Year Award Winner Awarding body
2013[25] Best Performing Macro Discretionary Fund Brevan Howard Investment Fund – Emerging Markets Local Fixed Income Fund Limited Hedge Fund Journal
2013[26] Best Performing Commodity Fund Brevan Howard Commodities Strategies Master Fund Limited Hedge Fund Journal
2013[27] Best Performing Emerging Markets Macro Fund Brevan Howard Emerging Markets Strategies Master Fund Limited Hedge Fund Journal
2012[26] Best Hedge Fund Manager in Global Macro Brevan Howard Financial News
2012[26] Best Hedge Fund Manager Overall Brevan Howard Financial News
2012[28] Award for Outstanding Individual Contribution Alan Howard Financial News
2012[28] Hedge Fund of the Year Brevan Howard Systematic Trading Master Fund Limited Hedge Funds Review
2012[28] Best Macro Alternative UCITS Strategy Brevan Howard Investment Fund – Emerging Markets Local Fixed Income Fund Limited Hedge Funds Review
2012[29] Best Long Term Performance (10 years) Brevan Howard Asia Master Fund Limited (10 years) AsiaHedge
2012[30] Hedge Fund of the Year Brevan Howard Master Fund Limited Risk Magazine
2011[31] Best Hedge Fund Manager in Global Macro Brevan Howard Financial News
2011[31] Hedge Fund Chief Executive of the Year Alan Howard Financial News
2011[32] Fund of the Year Brevan Howard Master Fund Limited EuroHedge
2011[33] Credit and High Yield Fund of the Year Brevan Howard Credit Catalysts Master Fund Limited Absolute Return
2010[34] European Asset Management Firm of the Year Brevan Howard Financial News
2009[35] Best Overall Group Brevan Howard Hedge Funds Review
2009[35] Best Multi-Strategy Hedge Fund Brevan Howard Master Fund Limited Hedge Funds Review
2009[36] Hedge Fund Leader of the Year Brevan Howard Institutional Investor
2009[37] Long Term Performance and Relative Value and Macro Brevan Howard Credit Catalysts Master Fund Limited EuroHedge
2009[38] European Asset Management Firm of the Year Brevan Howard Financial News
2009[39] International Fund of the Year Brevan Howard Asia Master Fund Limited AsiaHedge
2009[40] Hedge Fund of the Year Brevan Howard Master Fund Limited Risk Magazine
2008[41] Fund of the Year Brevan Howard Master Fund Limited EuroHedge
2008[42] Best Global Macro Hedge Fund on a Risk-Adjusted Basis Brevan Howard Master Fund Limited Hedge Funds Review
2008[43] International Fund of the Year Brevan Howard Asia Master Fund Limited AsiaHedge
2007[44] Best Operator in Discretionary Global Macro, Single Manager Brevan Howard Financial News
2007[45] Best Macro Fund Brevan Howard Master Fund Limited EuroHedge
2005[46] Best Hedge Fund End User Brevan Howard Risk Magazine
2004[47] Best Macro Fund Brevan Howard Master Fund Limited EuroHedge

Philanthropy

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Through its philanthropic programme, Brevan Howard is continuing to fund educational innovation, particularly in the field of finance. 

Imperial College

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Brevan Howard is to donate £20.1m over eight years to Imperial College Business School in London in order to set up a research centre for financial economics.[48] The size of the donation makes it "one of the largest pledged to a UK business school."[48] The Brevan Howard Centre for Finance's mission will be to understand better what drives financial behaviour and thereby to help create a more robust policy underpinning.[48] According to an Imperial College press release[49], “The Brevan Howard Centre for Finance will dramatically enhance the Imperial College Business School’s expertise in financial economics and strengthen ties with other disciplines including engineering and computational finance. A key objective of the new initiative will be to disseminate rigorous, world-class research to reach and engage business practitioners, policy-makers, legislators and the wider public, as well as other academic experts. The new Centre will serve as abridge between the Business School and the world of business, aiming to develop a greater understanding and more efficient management of risk, and to promote investment and productivity.” 

Alan Howard Scholarships for Energy Futures

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The Alan Howard Scholarships for Energy Futures allow prospective PhD students to study at Imperial College London’s department of energy.[48] The scholarships include fees and living costs;[50] Brevan Howard has contributed £1.5m to date to fund these scholarships.[48] 

Alan and Sabine Howard Professor of Sustainable Energy Business

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This is a position at Imperial College Business School supported for five years by Alan and Sabine Howard. Professor Richard Green became the first person to hold this role in October 2011.[51][52] 

ARK

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BrevanHoward has pledged to donate £250,000 to sponsor the ARK Bentworth PrimaryAcademy.[53]  

References

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  1. ^ a b Brewer (5 September 2013). "Vernon returns to Brevan Howard". HFM Week Online. {{cite news}}: |first= missing |last= (help)
  2. ^ Westbrook, Jesse (5 September 2013). "Brevan Howard Co-Founder Vernon Returns to Fund After Two Years". Bloomberg/Zurich.
  3. ^ a b c d e f Bill McIntosh (July 2012). "Europe 50" (PDF). The Hedge Fund Journal.
  4. ^ a b c d "Alan Howard: Hard work pays off for 'the Stakhanov of finance". Financial News. 02 Apr 2013. {{cite news}}: Check date values in: |date= (help)
  5. ^ Moodley, Kiran (Sep 01, 2011). "How have hedge fund elite fared in the summer turmoil?". Citywire Wealth Manager. {{cite news}}: Check date values in: |date= (help)
  6. ^ Jones, Sam (August 25, 2011). "Brevan Howard capitalises on turmoil". Financial Times.
  7. ^ Jones, Sam (July 16, 2013). "Return of the blueblood macro hedge funds". Financial Times.
  8. ^ Laurence Fletcher (March 19th 2013). "Faith in policymakers may be "serious error": Brevan Howard". Reuters. {{cite news}}: Check date values in: |date= (help)
  9. ^ Westbrooke, Jesse (Aug 17, 2012). "Brevan Howard Loses Third Founder as Rokos Said to Leave". Bloomberg.
  10. ^ Kishan, Saijel (Nov 21, 2012). "Brevan Howard on Hiring Spree Makes Comeback in New York". Bloomberg.
  11. ^ Taub, Stephen (25 January, 2013). "After tepid 2012, Brevan Howard founder forecasts strong year for macro funds". Institutional investor's Alpha. {{cite news}}: Check date values in: |date= (help)
  12. ^ Williamson, Christine (October 1, 2012). "Brevan Howard attracting institutions". Pensions & Investments.
  13. ^ Teitelbaum, Richard (Jan 12, 2012). "Brevan Howard Proves Master of Hedge Funds With Four in Top 100". Bloomberg.
  14. ^ Chanjaroen, Chanyaporn (May 19, 2010). "Brevan Howard Opens Its $200 Million Energy, Commodities Fund to Investors". Bloomberg.
  15. ^ Lindsay, Margie (01 Jun 2012). "Brevan Howard Systematic Trading Master Fund: BH-DG Systematic Trading". Risk.net. {{cite news}}: Check date values in: |date= (help)
  16. ^ "Brevan Launches New Credit Fund With $20M Minimum". FINalternatives. Jun 22 2012. {{cite news}}: Check date values in: |date= (help)
  17. ^ Burton, Katherine (Jun 8, 2012). "Brevan Howard Buying CMBS Sees 60% Gains for Teachers: Mortgages". Bloomberg.
  18. ^ Lindsay (2 Oct 2012). "Brevan Howard Emerging Markets Local Fixed Income Fund (BHEML): Brevan Howard Investment Products". Risk.net. {{cite news}}: |first2= missing |last2= (help)
  19. ^ "Monthly Investors Newsletter". Shareholder Newsletter / Morningstar. 31 March 2010.
  20. ^ a b c "Monthly Shareholder Report, RNS Number : 9243C". Regulatory News Story, London Stock Exchange. 22 April 2013. {{cite news}}: no-break space character in |title= at position 39 (help)
  21. ^ a b c "Monthly Shareholder Report, RNS Number : 3526B". Regulator News Story, London Stock Exchange. 02 April 2013. {{cite news}}: Check date values in: |date= (help); no-break space character in |title= at position 39 (help)
  22. ^ a b c "Monthly Shareholder Report, RNS Number : 0465B". Regulatory News Story, London Stock Exchange. 27 March 2013. {{cite news}}: no-break space character in |title= at position 39 (help)
  23. ^ "BH Macro Limited - Listing on Bermuda Stock Exchange". Interactive Investor. 20 October 2008.
  24. ^ a b Smith, Justin (November 11, 2008). "BH Global and BH Macro announce secondary listing in Dubai". Business Intelligence Middle East.
  25. ^ Bill, McIntosh (March 2013). "Brevan Howard Emerging Markets Local Fixed Income Fund". The Hedge Fund Journal.
  26. ^ a b c Bill, McIntosh (May 2013). "Brevan Howard Commodities Strategies Fund". The Hedge Fund Journal. Cite error: The named reference ":25" was defined multiple times with different content (see the help page).
  27. ^ McIntosh, Bill (May 2013). "Brevan Howard Emerging Markets Strategies Fund". The Hedge Fund Journal.
  28. ^ a b c Agnew, Harriet (31 May 2012). "Hat-trick for Alan Howard at FN awards". Financial News. Cite error: The named reference ":27" was defined multiple times with different content (see the help page).
  29. ^ "AsiaHedge Awards 2012". Hedge Fund Intelligence. 25 October 2012.
  30. ^ "Hedge fund of the year: Brevan Howard Asset Management". Risk. 10 January 2012.
  31. ^ a b "Hat-trick for Leda Braga at FN Hedge Fund Awards". Financial News. 16 June 2011.
  32. ^ "EuroHedge Awards 2011". EuroHedge. 2012.
  33. ^ Copeland, Rob (11 November 2011). "Bridgewater, Renaissance take top honors at AR Awards". Absolute Return.
  34. ^ "Brevan Howard scoops top prize in FN Asset Management Awards". Financial News. 14 October 2010.
  35. ^ a b "Ninth European Performance Awards 2009". Hedge Funds Review. 01 June 2009. {{cite news}}: Check date values in: |date= (help)
  36. ^ "7th Annual Hedge Fund Industry Award Winners". Institutional Investor. 26 June 2009.
  37. ^ "EuroHedge Awards 2009". EuroHedge. January 2010.
  38. ^ "Hedge fund ousts BlackRock at FN Asset Management Awards". Financial News. 07 October 2009. {{cite news}}: Check date values in: |date= (help)
  39. ^ "AsiaHedge Awards 2009". AsiaHedge. October 2009.
  40. ^ "Risk Awards 2009". Risk. 01 January 2009. {{cite news}}: Check date values in: |date= (help)
  41. ^ "EuroHedge Awards 2008". EuroHedge. January 2009.
  42. ^ "Eighth European Performance Awards 2008". Hedge Funds Review. 01 July 2008. {{cite news}}: Check date values in: |date= (help)
  43. ^ "AsiaHedge Awards 2008". AsiaHedge. October 2008.
  44. ^ "GAM tops FN award winners". Financial News. 03 July 2007. {{cite news}}: Check date values in: |date= (help)
  45. ^ "EuroHedge Awards 2007". EuroHedge. January 2008.
  46. ^ "End-user awards – Hedge fund - Brevan Howard". Risk. 01 January 2005. {{cite news}}: Check date values in: |date= (help)
  47. ^ "EuroHedge Awards 2004". EuroHedge. January 2005.
  48. ^ a b c d e Bradshaw, Della (March 11, 2013). "Brevan Howard gives £20.1m to Imperial College". Financial Times.
  49. ^ "Imperial seeks founding director of major new finance centre". Imperial college News. March 2013.
  50. ^ "Alan Howard Scholarships for Energy futures" (PDF). 2007.
  51. ^ Gubbay, Tanya (10 October 2011). "New professor Richard Green brings a business focus to environmentally friendly technologies". Imperial College News Release.
  52. ^ "NEW PROFESSOR RICHARD GREEN BRINGS A BUSINESS FOCUS TO ENVIRONMENTALLY FRIENDLY TECHNOLOGIES". HighBeam Research. October 10, 2011.
  53. ^ "Headmaster as Chair of the Local Governing Body of ARK Bentworth Primary Academy" (PDF). cityoflondon.gov.uk website. 19 June 2012.
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