Saturday, 4 July 2015
Last updated 20 hours ago
Aug 17 2012 | 12:50pm ET
For the third time in four years, Brevan Howard Asset Management has lost one of its founding partners.
Chris Rokos will retire as an "active partner" of the US$36.7 billion hedge fund and will stop managing money at the firm by the end of the month, Brevan Howard told investors today. Rokos plans to "pursue his personal interests," the firm said, although Rokos said in an internal memo that he hasn't decided what to do next. Reuters reports that he is considering the launch of his own hedge fund.
"I am grateful for the friendships I have made along the way," Rokos wrote to the hedge fund's employees. "I am especially grateful to [Brevan Howard founder] Alan [Howard] for his confidence and guidance through varied and tumultuous markets over our 14 years working together at Credit Suisse and Brevan Howard. The firm has as deep a bench as it has ever enjoyed and I have every confidence that it will continue to thrive."
Rokos' exit leaves only Howard and Trifon Natsis as co-founders still with the firm. Jean-Philippe Blochet left in 2009 and James Vernon last year.
Rokos, who specializes in interest-rate trading, traded for Brevan Howard's flagship Master Fund and had been a big profit-maker for the vehicle. But he reportedly saw his allocation cut last year, which may be an indication that he was losing money.
May 27 2015 | 2:15pm ET