Brevan Howard U.K. Unit Paid Partners $99 Million
Brevan Howard Asset Management LLP, the U.K. unit of Europe’s largest closely held hedge-fund firm, paid its partners as much as 60.4 million pounds ($99 million) for the year through March, according to a corporate filing.
The highest paid partner, who wasn’t identified, received 39.4 million pounds, down from 78.9 million pounds a year earlier, according to the filing posted on the U.K. Companies House website yesterday. The U.K. unit had 46 designated members in that period, meaning each partner received an average pay of as much as 1.31 million pounds.
Brevan Howard Capital Management LP, based in St. Helier on the island of Jersey, manages about $40 billion and charges clients fees for overseeing the assets and for positive investment performance in its hedge funds. The firm’s Master fund, its biggest, gained 3.9 percent in 2012 after rising 12.2 percent in 2011, a company performance report shows.
Max Hilton, a spokesman for Brevan Howard, declined to comment on the filing.
Alan Howard, 50, and four other members of a proprietary fixed-income trading desk at Credit Suisse Group AG founded the hedge-fund firm in London in 2002. It has since become a more global firm, with the parent company based in Jersey and traders in offices such as New York and Hong Kong. Howard and other senior staff relocated to Geneva in 2010 after the U.K. announced plans to raise taxes on top earners.
The U.K. unit collected 127 million pounds of fees for the 12 months through March 2013, compared with 373 million pounds in the year-earlier period, according to the filing.
To contact the reporter on this story: Jesse Westbrook in London at email@example.com
To contact the editor responsible for this story: Simone Meier at firstname.lastname@example.org