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Brevan Howard Suffers Poor Performance, But Traders Take Home Huge Bonuses

Alan Howard / Getty Images

Traders at a London hedge fund shared almost $129 million in pay and bonuses last year despite the fund’s faltering performance, the Financial Mail on Sunday said.

Accounts for Brevan Howard Asset Management LLP, the London arm of Brevan Howard, show the partnership’s 46 members received about $53 million in pay, $62 million “in relation to operating activities” and $21 million in shares of profits, the website said.

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Some partners, including companies and individuals, put about $7.5 million back into the partnership during the year, the report said.

Brevan Howard has suffered from a poor performance over the last two years. Its $24 billion flagship investment fund recorded its first annual loss in 11 years in 2014, it emerged last week, declining by 0.8 per cent, the website said.

The Master Fund generated a return of just 2.7 per cent after fees in 2013 too, prompting an apology from co-founder Alan Howard, the report said.

But while still huge, the sums represent a fall in the payout in comparison with previous years. The nearly $129 million of payments compared with about $151.6 million the year before, and $521.6 million the year before that, the website said.

While the Master Fund fell by 0.8 per cent in 2014, sources close to the hedge fund said that the strategy it was pursuing, known as a ‘macro’ strategy, had been challenging over the last few years for all funds in the field, the report said.

The London office represents only a part of the Brevan Howard business, which is headquartered in Jersey and which has offices in Geneva, New York, Hong Kong and Washington, the website said.



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