Tuesday, 21 April 2015
Last updated 26 sec ago
Dec 22 2011 | 11:01am ET
Brevan Howard Capital Management's partners are in line for a major payday this year. But they had to do with much less last year, the hedge fund said in a regulatory filing.
The US$37 billion hedge fund paid out no more than £128.3 million (US$200 million) to its partners in the 12 months ended in March. That's a 79% haircut from the partner payout in the previous year.
The payout was split among an average of 52 partners during the period. The highest-paid partner, presumably founder Alan Howard, although Brevan did not disclose that information, received £64.8 million. That partner earned £267.3 million in the prior year, more than all of the partners combined in the year to March.
The serious pay cut is not much of a surprise: 2010 was the worst year in Brevan's history, with its flagship hedge fund managing a return of just 1%, while the average hedge fund rose double-digits. The lower returns—the Brevan Howard Master Fund returned 19% in 2009—meant that fees fell from £736.3 million to £236.8 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…