Brevan Howard: life beyond macro
Talking Heads 2025: Wider range of strategies helped firm rebound from 2018 low – but brought re-correlation risks
For the first half of its 23-year existence, Brevan Howard wasn’t just a macro fund. It was the macro fund. Its flagship Master Fund seemed bulletproof – surging during the subprime crisis and hoovering up assets to make it Europe’s largest hedge fund manager, with more than $40 billion under its control at its 2013 peak.
Five years later – hobbled by low rates and low volatility across the
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