Brevan Partners Split Shrunken Profit Pool

Jan 6 2014 | 1:22pm ET

Brevan Howard Asset Management's partners had to make due with much, much less in 2012.

The hedge fund, one of Europe's largest, saw its fee income fall by nearly two-thirds in the year ended March 2013, according to a regulatory filing. And that means that its 46 members had to settle for splitting £60.4 million, down from £269.8 million in the previous fiscal year.

The highest-paid partner at the US$40 billion firm, presumably founder Alan Howard, received £39.4 million, about half of the £78.9 million he earned in the prior 12 months. The average payout fell to £1.31 million from £5.51 million in the year ended March 2012.

Brevan's flagship Master Fund returned only 3.9% in 2012.

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