Brevan Howard Now Europe’s Largest Hedge Fund
Published by Hedge Fund Journal last week, the new ranking puts his fund at top of the list with assets under management of US$40 billion as at the end of September, up by 9%. He displaced the Man Group with US$35.6 billion under management. A year earlier, in 2012 Brevan Howard came second in the listings.
Brevan Howard is a global alternative asset manager, managing significant institutional assets across a number of diversified strategies. His partnership also sold a 15% interest in the firm to reinsurer Swiss Re in 2007.
Brevan Howard’s co-founder and Chairman Alan Howard, who today resides with his family in Switzerland, has a net worth of US1.2 billion according to Forbes. With pending changes to financial regulations in London more than half the employees of Brevan Howard are also now believed to be located offshore as well, with offices now in strategic locations around the world.
Brevan Howard Donates US$32 Million To Imperial College London
With great success comes great responsibilities and Alan Howard is certainly fully living up to his. Yesterday, Imperial College London announced it had received a donation of GB£20.1 million (about US$32 million) from Brevan Howard to establish a new Centre for Financial Analysis at their Business School.
According to Imperial’s press release two of the world’s leading experts on financial contagion Professor Franklin Allen and Professor Douglas Gale are leaving top US universities to come and head the new Centre.
Alan Howard obtained his Masters of Engineering degree in Chemical Engineering and Chemical Technology at Imperial College in 1986, so this is giving back – in spades. As a current member of the New York Fed’s Investor Advisory Committee on Financial Markets, a group of prominent money managers who periodically meet with Fed officials to discuss economic policy, he also clearly has a natural interest in the subject of the Centre, quite apart from his own related trading interests.
Alan Howard says of the gift he has made as follows: “I am delighted the Brevan Howard Centre at Imperial is going to be led by the world-class team of Professors Franklin Allen and Douglas Gale. Franklin and Douglas will create a vibrant institution to study financial markets by bringing together academics, policy makers and practitioners.
During the financial crisis and in its aftermath, my colleagues and I became convinced of the need to improve wider knowledge of financial markets, especially given their enormous impact on businesses and households. Under Franklin and Douglas’ leadership, the Brevan Howard Centre will be perhaps the world’s most important locus for studying these issues.
My sincere hope is the Centre will make fundamental contributions to our understanding of financial markets, vault Imperial’s business school into the top ranks, and add to the dynamic intellectual community in Britain and Europe.”
Well done indeed. After recently shelling out US$10 million to resolve issues of the provenance of a lovely painting by Claude Monet, which he had earlier bought for US$43 million, Alan Howard deserves the great serenity that leisurely contemplation of the painting “Le Bassin aux Nympheas” undoubtedly brings him. Monet painted hundreds of paintings of water lilies, at his home in Giverny, but this must be one of the finest.