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Brevan Howard Asset Management
$250 Million
Few proprietary traders have had as much success after leaving the world of banking to start a hedge fund as Alan Howard. With $24 billion in assets under management, his firm, Brevan Howard Asset Management, is now the biggest hedge fund outfit in the U.K., thanks in large part to a 21 percent gain in 2008 (mostly from interest rate and foreign exchange arbitrage) in the $16 billion Brevan Howard Multi-Strategy fund. Howard, who ran the interest rate proprietary trading desk at Credit Suisse First Boston before leaving in 2002 to start Brevan Howard, did well in part last year by raising $1 billion, twice the target, in an IPO of BH Global, the firm’s second publicly listed hedge fund (the Brevan in the firm’s name is an amalgamation of the initials of the firm’s four other co-founders).
Howard, 45, works both sides of the Atlantic. Last year he and his wife, Sabine, paid $11.5 million for a condominium on Central Park West in New York, where some of his neighbors aren’t doing as well as he is — they include Daniel Loeb, who fell off the list of best-paid managers this year, and Sanford Weill, former chairman of battered Citigroup.
