• Company paid 120.6 million pounds to partners in 12 months
  • Brevan Howard had average of 37 partners, down from 45

Brevan Howard Asset Management LLP’s U.K. unit paid partners an average of 3.3 million pounds ($4.8 million) in the 12 months through March after the hedge fund’s flagship Master Fund had its first annual loss in 2014.

The company paid 120.6 million pounds in compensation, up from 85.3 million pounds in the year-earlier period, according to a filing to Companies House. The number of partners averaged 37 in the year, down from 45, after an undisclosed number became employees because of changes to U.K. employment law, a spokesman for Brevan Howard said.

The highest-paid partner received 51.9 million pounds, up from 31.9 million pounds a year earlier, the filing showed. That partner is a pool of money that is distributed to staff members, the spokesman at Brevan Howard said.

Brevan Howard divides its assets among its roughly 60 traders, although the top 10, led by billionaire Alan Howard, dominate the investments. The firm’s assets have dropped from a peak of $40 billion in 2013 to less than $25 billion as it closed more than half a dozen hedge funds, returned $2 billion from its main fund to investors and took in less cash, Nagi Kawkabani, Brevan Howard’s co-founder, said in a November interview.

The payments do not include earnings from other units of the company, according to a spokeswoman.

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