Brevan Howard hires to rebuild New York office

Brevan Howard Asset Management, the second largest hedge fund in Europe, is recruiting traders in New York, according to Bloomberg.

The $40bn London-based hedge fund is rebuilding its business in the US after largely pulling out, following the 2008 financial crisis. In June, Brevan Howard only had two staff in its New York office but has since has taken on 14 more.

Among those taken on are: Don Carson, former head of Credit Suisse Group’s US dollar swaps desk; mortgage trader Josh Bertman, also from Credit Suisse; and others from Deutsche Bank, Morgan Stanley and Merrill Lynch.

Brevan Howard’s recruitment drive comes at a time when Wall Street banks have been shrinking or closing trading desks, releasing a large number of veteran traders.

Wayne Leslie, a credit trader from Goldman Sachs, also joined Brevan Howard’s London office this month. Hirak Biswas, a director of US government bond trading at Credit Suisse, left last month to join Brevan’s Geneva office.

Two of Brevan’s partners have also left the firm this year, fixed-income portfolio manager Klaus Oestergaard and co-founder Chris Rokos. Others to leave are execution trader Philip Valori and trade analyst Ben Bristow.

Brevan Howard’s Master Fund posted a 1.8% gain this year through October 19, according to Bloomberg. Other macro funds grew 0.9% on average this year through September.

Data from Hedge Fund Research says funds investing in corporate bonds had gained 8% on average this year to September, beating the 4.9% average return of the sector. 

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