Brevan Howard Asset Management is pulling the plug on a hedge fund after its manager quit to join Bank of America Merrill Lynch.
The $24 billion London-based firm said it would liquidate Fabrizio Gallo's $569 million Equity Strategies Fund. The fund, which was roughly flat this year, will be wound down in the next few weeks, CNBC reports.
Gallo managed the five-year-old fund for about a year-and-a-half.
Gallo, who spent 15 years at Morgan Stanley before joining Brevan Howard in 2009, was named co-head of global equities and European global markets at BofA. He'll start later this year.
At Morgan Stanley, Gallo was head of equities and global proprietary trading.