- REUTERS/Eddie Keogh
Brevan Howard Asset Management, once a titan among hedge funds, has suffered about $1 billion in outflows, according to a Bloomberg News calculation based on recent investment letters from the firm.
The firm’s assets now sit at about $8.7 billion, down from $10 billion, Bloomberg reported. The fund is run by billionaire Alan Howard.
That’s a stark fall for the firm, which as recently as 2013 managed $40 billion.
Investors have been pulling money from the fund for years as the fund posted lackluster returns.
Brevan was down by 3.1% in the first four months of 2017 after returning 3% last year, Bloomberg reported.
The outflows come as Brevan spinouts, such as Rokos Capital Management, plan to double in size. Others, like Ben Melkman’s Light Sky Macro, have been expanding, too. The New York-based Light Sky Macro now manages a little over $1 billion, according to a person familiar with the business.
An external representative for Brevan Howard declined to comment.