- A top exec at Brevan Howard is departing the $33 billion macro fund.
- Peter Hornick, head of business development, is leaving, according to people familiar with the matter.
- Brevan has lost money this year amid a broader route in macro trading.
The senior exec in charge of luring top investment talent to $33 billion Brevan Howard is leaving.
Peter Hornick, head of business development at the fund, is departing amid a corporate reorg, according to people familiar with the matter. He joined in 2020 after nearly two years in a similar role at ExodusPoint. He was also the global head of business development at Izzy Englander’s Millennium Management for five years.
A spokesman for Brevan Howard declined to comment. Hornick did not respond to requests for comment.
Brevan is restructuring its talent recruitment function, one of the people said, embedding business development leads within its trading strategies instead of having an independent team.
The $33 billion hedge fund, founded by macro trading billionaire Alan Howard, has grown rapidly over the past three years, tripling its assets and expanding into a multi-strategy firm. Its performance has struggled in 2023. Its Alpha Strategies fund, which manages around $14 billion, was down 1.7% through July. Its master fund, which manages over $12 billion, was down 5.2% at the end of July.
Many macro funds have struggled this year after a blowup this spring in connection with the regional bank crisis in the US and the downfall of Credit Suisse.
The firm’s recent diversification beyond its macro roots includes a significant investment in systematic trading. Progress on that effort has been slow, according to people familiar with the matter.
Correction: September 6, 2023 — An earlier version of this story misidentified the firm’s Alpha Strategies fund and Brevan Howard’s aggregate assets under management.
Do you have more information about Brevan Howard or other hedge fund performance or talent moves? Contact Alex Morrell via email at [email protected], and on encrypted apps Signal or Telegram at (262) 573-1023.
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