BofE’s ‘Black Wednesday’ forex chief joins hedge fund

Allen, who most recently was the Bank of England’s director for Europe and a member of its management committee, has taken up an economist post at London-based Brevan Howard, a spokesman at the hedge fund confirmed.

Allen headed forex at the Bank of England from 1990 to 1994 and spearheaded the bank’s efforts to fend off attacks on sterling from speculator George Soros, among others. At the time, the UK government had tried tie the pound to other European currencies, notably the Deutschmark, through the Exchange Rate Mechanism. But the market took a negative view on the exchange rate and sold sterling aggressively.

The battle between the Bank of England and currency speculators ended on September 16, 1992, known as ‘Black Wednesday’, when the bank surrendered after having lost roughly £4 billion.

Brevan Howard is a $4 billion fixed-income macro hedge fund launched last year.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Smarter trading in a fragmented world

FX Week recently hosted a webinar in partnership with Refinitiv to ask foreign exchange industry leaders to discuss geopolitical challenges, market changes and developments, and evolving technologies, and how they have shaped forex markets in Asia

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here