Alan Howard’s Brevan Howard Master Fund, managed by Howard’s firm Brevan Howard Asset Management, suffered its second loss in two years -- only its second losing year since it began trading in 2003.
The macro fund lost 3.91 percent in December alone. As a result, it was down 1.99 percent for the entire year.
This is yet another setback for the once-vaunted firm, which for several years was riding the accomplishment of the 19 percent gain in its flagship fund in 2008, when global financial markets collapsed and a large number of hedge funds declined by double-digit rates.
As of the end of November, Brevan Howard had $24.6 billion under management, including $20 billion in the Master fund. The firm had $27 billion at the beginning of 2015 and $40 billion at the beginning of 2014.
In early 2015 about $5 billion left the firm when New York-based DW Partners took over as manager for two funds previously run by Brevan Howard. Brevan Howard also shut down its $630 million commodities fund, which lost money in 2014.
Since 2014, the firm also suffered steep declines in assets due to heavy redemptions. The firm declined to comment.
