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May 27, 2024
PI Global Investments
Hedge Funds

Brevan Howard partner pay triples to £268m after bumper year

Brevan Howard tripled pay for its top partners to £267.8m last year as revenue surged at the hedge fund founded by billionaire Alan Howard.

A jump in fee income saw revenue surge to £428m in the year to March 2023, according to newly-released accounts on the UK’s Companies House. This is up from £143m for the same period a year earlier, prompting a big jump in pay for its members.

The hedge fund divided £267.8m between 17 partners, which includes some corporate partners, up from £82m for the same period a year earlier.

Across the company, Brevan Howard paid £119m to 427 employees for the 12-month period, up from £40.1m a year earlier when it had 176 staff.

Profit, before it paid its 17 members, jumped from £105m to £415m.

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Brevan Howard’s financial numbers remained strong despite the hedge fund’s lacklustre returns last year. Brevan Howard’s flagship Master fund lost roughly 2% in 2023, while the firm’s Alpha Strategies fund gained 2.4%, according to a report by Bloomberg.

Brevan Howard’s £25m drop in administrative expenses also played a major role in the firm’s soaring profit last year. The figure came in at £12m in 2023, compared with £37m a year earlier.

Brevan Howard expanded its global presence last year with the opening of an office in Abu Dhabi. The hedge fund is planning to host more than 100 staff in the capital of the UAE which its founder Alan Howard believes is now a “global financial centre”.

To contact the author of this story with feedback or news, email Bilal Jafar

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