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Brevan Howard profits dive but partners still share £100 million

by Robert St George on Jan 06, 2014 at 10:29

Brevan Howard profits dive but partners still share £100 million

A tough year for Brevan Howard has left revenues down by two-thirds and profit by more than half, but its partners still took home over £100 million.

In the year to 31 March 2013, according to Brevan Howard Asset Management’s annual report, revenue slipped to £125.7 million from £371.9 million from the previous year. Profit after operating expenses similarly fell from £77.2 million to £33.6 million.

During the year £101.2 million was nevertheless distributed to Brevan Howard’s 46 partners, although this was far below the £344 million shared the prior year. The highest paid partner, who was not named, received £39.4 million; the equivalent figure for 2012 was £78.9 million.

In total, net current assets attributable to members at the hedge fund’s UK arm have thus declined from £65.4 million to £31.3 million.

A spokesperson for the firm told Wealth Manager that Brevan Howard could still boast an enviable long-term record, though. ‘Brevan Howard has never had a down year,’ he said. ‘Charitable donations are also up fivefold for the period, and Brevan Howard also made a £20.1 million donation this year to Imperial.’

Over the past year the group’s £933 million BH Macro fund has returned 5.1% compared with an average of 8.9% from its peer group, while the £423 million BH Global fund has generated 3.2%.

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