Brevan Revenue Soars To $1B

Aug 25 2010 | 1:29pm ET

While much of the rest of the hedge fund industry was in freefall, Brevan Howard Capital Management was posting its best-ever year.

The firm, Europe’s largest hedge fund, took in more than US$1 billion in revenue for the first time for its fiscal year 2009—despite the fact that the period only covered the eight months ending March 31, 2009; it previously reported its accounts for years ending July 31. And that enabled the US$31.8 billion firm’s 45 partners to share in £86.1 million in profits.

Brevan Howard’s financial statements, filed at the U.K.’s Companies House five months late, show the firm earned £701.7 million during the fiscal eight months, compared to £530.9 million in the preceding fiscal year. The firm spent £605.8 million on operating expenses, including bonuses.

Brevan Howard’s flagship hedge fund returned 21% in 2008 and 19% last year.

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