Brevan Mulls Currency Fund's Future After Cutting Lead Trader

Jun 13 2013 | 11:16am ET

Brevan Howard Asset Management is parting ways with its top currency manager and may close his US$570 million fund.

Luke Ding will leave Brevan Howard as part of the firm's biannual review. His Macro FX Fund, which managed about US$1 billion last year, has struggled to post consistent returns, with annualized gains of just 1.4% since its debut four years ago. The fund is up about 1.6% this year, but lost 2.3% last year.

Brevan Howard is still mulling the fund's future. Following Ding's exit, it still have four traders; those traders could be laid off or reassigned internally, although Reuters reports that two or three of them will leave the firm. Brevan Howard plans to speak with the Macro FX Fund's investors before deciding whether to pull the plug on it.

About seven other traders at Brevan Howard are set to leave the firm as part of the review, during which the firm seeks to jettison underperforming managers. Brevan Howard has about 80 traders on staff.

Ding joined Brevan Howard in 2007 and spent his first two years trading for its flagship fund. Prior to joining the hedge fund, he was a currency trader at Merrill Lynch.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


Hedge Funds Swarm Into Palm Beach

Oct 27 2016 | 2:32pm ET

As the first flakes of snow fall on New York's northern suburbs, Dan Weil of South...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...