Monday, 1 September 2014
Last updated 3 days ago
Oct 24 2013 | 10:21am ET
Brevan Howard Asset Management's shift away from its former London base has proven much more than a tax-dodge.
The hedge fund giant has cut its headcount in the British capital to less than 200 of its more than 450 employees globally. The firm has only a "handful" of traders left in London, the Financial Times reports, and has now shifted the bulk of its operations to the Channel Island of Jersey—which is a British crown dependency, independent of the U.K. and not part of the European union, and thus not subject to its new hedge-fund rules.
Just four years ago, nearly all of Brevan's employees were in London.
As many as 60 Brevan employees will be based at its Jersey office by next year, according to the FT. The office, officially Brevan's headquarters, previously housed only a few administrative posts, but is now led by Brevan co-founder James Vernon, who returned to the firm last month after two years of retirement. The Jersey office will handle nearly all asset allocation, risk management, compliance and human resources functions, all of which were formerly housed in London.
Much of Brevan's trading now happens at its three-year-old Geneva, Switzerland, office, which is home to founder Alan Howard. Howard has pledged to remain in Geneva, where he moved to escape higher British taxes, until at least the end of next year.
Brevan has also lavishly built up staff in the U.S., where it now employs 60 people in New York and Washington, D.C. More than half of Brevan's investors are now in the U.S., and the firm has begun trading more there, as well.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...