Brevan Howard's Main Hedge-Fund Losses Said to Deepen in April

Brevan Howard Asset Management LLP’s flagship hedge fund fell in April, deepening losses for this year, according to two people with knowledge of the matter.

The Brevan Howard Master Fund is down 1.8 percent for the year after dropping about 0.9 percent last month, said the people, who asked not to be identified because the information is private. The fund lost 2 percent in March, erasing all its earlier gains this year, people said last month. A spokesman for the investment firm in London declined to comment.

The HFRX Macro/CTA Index gained 0.3 percent in April and was up 0.4 percent for the year, according to data from Hedge Fund Research Inc.

The Brevan Howard hedge fund, which focuses on macro-economic trends to bet on bonds, currencies, equities and commodities, saw its assets slide to $17.6 billion at the end of March from about $27 billion two years ago, according to a company website. The fund, led by billionaire Alan Howard, fell almost 2 percent in 2015, extending the previous year’s 0.8 percent drop, a person familiar with the matter said in January.

Investors have asked to pull about $1.4 billion from the fund, two people with knowledge of the matter said last month, as they flee the industry at the fastest pace since the financial crisis.

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