- Mr. Alan Howard returns money to investors from the secretive hedge fund he personally runs.
He's redeeming clients in the Brevan Howard AH Master Fund, which he started off with four years ago to make bigger and riskier bets, according to people with knowledge of the matter.Howard will continue to manage capital for the firm's two private money pools, the people said, asking not to be identified because the details are unique.It's not immediately clear if Howard is taking over the fund altogether.
The move marked a reversal of the manager who had in discussions about raising another $500 million in the fund late last year after having doubled investors' cash in the early days of the pandemic.The firm has always tried to keep every detail of the fund secret.It's unclear how much money the fund runs right now.
The spokesman for the Jersey-based Aron Landy Asset Management company, run by Chief Executive Brevan Howard, declined to comment.
Howard is one among a number of macro hedge fund managers who started their own funds to have subpar bets after years of bolder performance.He and a group of other money managers from Brevan Howard who operate their own funds have played a critical role in turning around business through improved performance.Last year, the firm had a record year with one fund gaining 99%.
That has helped the firm, which saw its assets grow in 2013 to about $6 billion from more than $40 billion. It does not need a huge deposit to see clients back.According to an investor document, it managed $14.6 billion at the end of March.
The Brevan Howard AH MasterBrevan Howard AH Master Fund surged about 100% amid the volatility sparked by the pandemic that locked down economies from Asia to the United States in the early part of last year.The returns marked one of the most profitable phase in a trader's career.
The AH Master Fund ran money for Brevan Howard clients and David's own cash as well as capital from external funds.Brevan Howard will continue to administer funds for Howard's main hedge fund as well as its multi-strategy fund, said one of the people.
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