Trading & Options · Profile from Trading and Options Research Companion
Brevan Howard
The global macro and rates firm that Alan Howard and four colleagues founded in 2002 after leaving Credit Suisse First Boston's proprietary trading desk, whose flagship Brevan Howard Master Fund (launched 1 Apr 2003) became Europe's best-known macro fund, peaked with the firm at ~$40bn (Oct 2013), shrank to a reported ~$6.3bn (2018) after years of near-flat returns, and rebuilt to ~$34bn (31 Dec 2025) under chief executive Aron Landy, with a crypto arm, BH Digital, added from 2021. Unusually for a private hedge fund, its flagship has a public, monthly, audited-annually record through BH Macro Limited, a London-listed feeder (LSE since 14 Mar 2007): the US-dollar shares returned +20.32% in 2008, +28.89% in 2020 (including +18.40% in March 2020) and +21.17% in 2022, but only ~3% a year compounded in 2010–17 and +0.83% in 2025 (BH Macro reports, net of all fees; compounding computed here). Its story turns on edge through regime change: a rates-macro edge that pays in crises and rate shocks, and a business that nearly shrank away in the long calm between them.
At a glance
- Founded
- 2002 by Alan Howard, Jean-Philippe Blochet, Chris Rokos, James Vernon and Trifon Natsis, from Credit Suisse First Boston (Wikipedia; Institutional Investor, 27 Mar 2019)
- Flagship
- Brevan Howard Master Fund Limited — Cayman open-ended company incorporated 22 Jan 2003, launched 1 Apr 2003; objective "consistent long-term appreciation through active leveraged trading", mainly global fixed income and FX, using macro and relative-value strategies (BH Macro reports)
- Headquarters
- London originally; headquarters moved to Geneva in 2010 (Wikipedia); the manager, Brevan Howard Capital Management LP, is a Jersey limited partnership whose general partner is regulated by the Jersey Financial Services Commission (BH Macro annual report 2025). Offices listed in 2026: Austin, London, Jersey, Geneva, New York, Singapore, Abu Dhabi and Bengaluru (firm website, BH Digital page)
- Ownership / structure
- Private partnership. Investment management delegated to entities in London, Hong Kong, the US, Singapore (Brevan Howard Private Ltd), Tel Aviv and BH-DG Systematic Trading LLP (BH Macro annual report 2025)
- Leadership (2026)
- Aron Landy, CEO since 29 Oct 2019 (chief risk officer from 2003); Alan Howard, co-founder and portfolio manager (Wikipedia; Institutional Investor, 2019)
- Scale (dated)
- $10.5bn (2006); $27.4bn (2008); ~$40bn (Oct 2013 peak); ~$12bn (end-2016); ~$6.3bn (2018 trough); ~$10bn (2020); ~$26bn (Oct 2022); ~$34bn (31 Dec 2025) (Wikipedia; Institutional Investor, 2019; BH Macro annual report 2025)
- Listed vehicle
- BH Macro Limited (Guernsey, incorporated 17 Jan 2007; LSE Main Market from 14 Mar 2007; tickers BHMG sterling, BHMU dollar); net assets ~$1.98bn (31 Dec 2025) (BH Macro reports)
- Staff
- >1,050 team members (firm website, Oct 2026)
- Regulators
- Jersey FSC (manager's general partner); UK FCA for London entities (verify); NFA member, with the manager acting as commodity pool operator of BH Macro (BH Macro annual report 2025) (17)
- Signature moves (incl. failures)
- Founding and the 2003 Master Fund; BH Macro's listing (2007); +20% in 2008; capacity cap and the 2013 peak; the lean years, outflows and fee waiver (2014–17); the AH Master Fund and trader funds (2017); Landy as CEO and March 2020; BH Digital (2021–22); cuts, flat returns and the listed-fund discount (2024–26)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2002
Founding from CSFB and the 2003 Master Fund
Founding or fund launch; spin-out of bank proprietary traders
2007
BH Macro London Listing
Capital raise; listed vehicle (permanent capital)
2008
Crisis Year Gains
Outcome of a large position set (macro positioning through the credit crisis)
2012
Capacity Cap and the 2013 Peak
Capital and capacity decision (closing the flagship); peak assets
2014
Lean Years Outflows and Fee Waiver
Loss of assets; fee change (management-fee waiver); staff cuts — failure
2017
AH Master Fund and Trader Funds
Strategy pivot; new products (founder's concentrated fund; single-manager funds for star traders); back-office spin-out
2020
Landy as CEO and the March 2020 Payoff
Succession (risk officer to CEO); outcome of positioning in a crash
2021
BH Digital and Crypto
New strategy, product or market (digital assets)
2024
Cuts Flat Returns and the Listed Discount
Restructuring (trader and staff cuts); fee change; discount management of a listed vehicle — failure (performance)