Alan Howard Returns to London After 7 Years in GenevaBy
His firm, Brevan Howard, has suffered outflows in recent years
Several years ago saw a wave of financiers leave the U.K.
Alan Howard, the billionaire co-founder of Brevan Howard Asset Management, moved back to London from Geneva this past weekend, according to a person with knowledge of the matter.
Howard had managed money from his eponymous firm’s Geneva office for more than seven years and moved back for family reasons, said the person, who asked not to be named because the information isn’t public. A spokesman for the company, which manages $11.9 billion, declined to comment. The Wall Street Journal reported the move earlier Monday.
In previous years, some of Britain’s wealthiest managers, including the Brevan Howard chief and Mike Platt of BlueCrest Capital Management, left London for Switzerland. One in four hedge-fund managers moved from the U.K. capital to Switzerland in 2010, costing the U.K. government tax revenue.
Since then, the U.K. has weighed changing its “non-dom” tax rules, which would make it less attractive for Britons to live and work overseas.
Howard, 53, has seen the fortunes of his firm decline following years of poor performance as hedge funds following economic trends struggle to perform due to monetary easing and a lack of market volatility.
Brevan Howard’s flagship fund just suffered its worst first-half decline since it began trading in 2003, though it has recovered some of those losses since then. And the firm is said to be planning new funds focused on macroeconomic events amid speculation rising interest rates will boost opportunities for profit.