- He was only remaining equity trader running an investment pool
- He joined in 2014 and specialized in equity capital markets
Johan Tellvik, Brevan Howard Capital Management’s last remaining equity-focused manager, has left the hedge-fund firm one year after he joined, according to people with knowledge of the matter.
Tellvik ceased to be a responsible officer for the Hong Kong unit of Jersey-based Brevan Howard after Aug. 26, according to licensing information posted on the website of the city’s Securities and Futures Commission. He had managed a portion of the capital allocated to the equity team by Brevan Howard, and focused on capital markets events such as share sales, said the people, who asked not to be identified as the information is private.
Darius Athill, a spokesman for Brevan Howard at Peregrine Communications in London, declined to comment, citing a company policy of not talking about staff changes. Tellvik did not answer messages sent to his personal e-mail account.
Awash with capital as large institutions gravitated toward the industry’s largest firms after the 2008 global financial crisis, Brevan Howard and peers such as BlueCrest Capital Management diversified beyond their core business of trading interest rate and currency instruments. BlueCrest still maintains a global equities team.
Brevan Howard in 2013 hired Dhruv Piplani, one of the youngest employees to make partner at Goldman Sachs Group Inc., to lead its expansion into equity trading. Tellvik, who was previously the Singapore-based head of the Asia trading desk at New York-based Moon Capital Management LP, joined Brevan Howard in September 2014. Both managers were based in Hong Kong.
The expansion halted as Piplani resigned in October 2014, after a year with Brevan Howard, without specifying a reason. That left Tellvik the only equity trader who managed a pool of investments before his departure last month, said the people.
Billionaire Alan Howard started Brevan Howard in 2002 with four other traders of the Credit Suisse Group AG proprietary trading desk he worked on. Brevan Howard’s main fund, which accounts for most of its assets under management, declined 0.8 percent in 2014, its first annual loss since its inception. The firm shed almost one-quarter of its assets in the last three months of 2014, bringing assets to about $27 billion, after the loss and as an affiliated manager took control of two investment pools.
Losses also forced Brevan Howard to close funds on emerging markets and commodities last year.
Other hedge-fund managers have pulled back on diversification. BlueCrest shut a stock fund, led by a single manager, in 2007 after it lost money that year. One of Brevan Howard’s closest European rivals, it started the BlueCrest Equities Strategies Fund in July 2013 in a renewed push into stocks.
The dollar-share class of BH Macro Ltd., a publicly traded company that tracks the performance of Brevan Howard’s main fund, returned an estimated 1.4 percent this year through Sept. 4, according to a statement.