Talk:Brevan Howard

Article quality

For a fund supposedly controlling $20bn and amongst the 10th largest funds in the world, this page needs some work...--unsigned comment

I've started to organize and expand the article with sourced content. Any assistance or input is appreciated. -- — Keithbob • Talk • 15:14, 18 September 2013 (UTC)

Hey Keithbob, I've made some changes to my draft based on your feedback, fixed the technical citation issue I was having and have added more sources. I've also replied to your points below - would you be able to have another look? DanJay000 (talk) 14:00, 20 September 2013 (UTC)

Company HQ

Seems to be some discrepancy in the sources. Let's see if we can find some more sources and get a consensus on this.-- — Keithbob • Talk • 12:31, 6 October 2013 (UTC)

London

1) Pensions & Investments Oct 2012 [1] So far, 2012 has been an active year for London-based Brevan Howard

Geneva

1) Bloomberg Jan 2012 says: In June 2010, Howard relocated to Geneva from London, joining other hedge-fund managers who moved to Switzerland after the U.K. government announced plans to raise taxes on top earners

2) Financial News April 2013 says: "although Geneva-based"

3) Financial Times July 2013 says: "Brevan Howard, the world’s largest macro hedge fund, was among those wrongfooted. Its flagship fund lost approximately 5 per cent of its value in the space of a few weeks, erasing much of its early positive gains for the year. Rumours also swirled around the Geneva-based firm’s Emerging Markets fund, which suffered even steeper losses."

Jersey

1) HFMweekOnline Sept 2013 says: James Vernon, the co-fonder and former chief operating officer of Brevan Howard has returned to the firm as Group COO, based at the $40bn firm's headquaters in Jersey"

2) Bloomberg Sept 2013 [2] Brevan Howard has set up Jersey-based Brevan Howard Capital Management LP as the headquarters of its investment-management units worldwide

3) Bloomberg - October 11 2013 says: "Jersey-based Brevan Howard..." and ran again in Bloomberg Hedge Fund Brief Europe, referencing "Jersey-based Brevan Howard" in the story.

4) Insider Monkey Oct 2013 says: "It seeks to combine Pande’s research of what assets should outperform with Jersey-based Brevan Howard’s ability to structure trades and manage risk, according to the people."

5) Bloomberg October 25 2013 says: "...joined the Jersey-based hedge fund from Bank of America Corp. in 2011."

6) eVestment - Nov 2013 says: "According to The Hedge Fund Journal’s listing of the 50 largest European hedge funds, Jersey-based Brevan Howard—which manages approximately $40 billion in assets -- is currently the largest hedge fund in the region. Man Group, based London, was knocked out of the top spot after its assets under management fell to $35.6 billion."

7) Wall Street Journal - 11 November 2013 says: "The Centre will be located at the business school of Imperial College, alma mater of Alan Howard, co-founder of the Jersey-heaquartered hedge fund that bears his name and is behind the £20.1 million gift." — Preceding unsigned comment added by DanJay000 (talk • contribs) 16:51, 12 November 2013 (UTC)

Europe

• (all the above locations are in Europe, so this doesn't add anything to the conversation)DanJay000 (talk) 10:04, 12 November 2013 (UTC)

1) Reuters Oct 2013-- "The Europe-headquartered Brevan Howard" [3]

The Financial News and Financial Times pieces you cite were published in April and July 2013 respectively - the HFM Week article was published more recently, on September 5th. Can we use the most recent and up to date source when there are conflicts like this? DanJay000 (talk) 08:51, 27 September 2013 (UTC)

The preponderance of sources say Geneva. We should stick with that until we have a reliable source that says they moved.-- — Keithbob • Talk • 19:43, 27 September 2013 (UTC)

I don't agree and have asked a few other editors to weigh in on this - you've seen (more than one) recent source that says Jersey, so I'm not sure why you're not changing it to Jersey. Where they were HQ'd in the past shouldn't matter. DanJay000 (talk) 19:56, 27 September 2013 (UTC)

Where's the reliable source that says Geneva is the "past" location and that they moved to Jersey? We don't combine the info in multiple sources and draw our own conclusions. You may want to read WP:OR and WP:SYNTH.I'm parking additional sources here as I find them-- — Keithbob • Talk • 12:31, 6 October 2013 (UTC)

My only argument on this is, that the latest dated sources back Jersey HQ. DanJay000 (talk) 10:11, 7 October 2013 (UTC)

I've re-arranged the sources above so that everyone can see what we have more clearly and in one place. Since this discussion started at the end of the summer, there have been more articles publishing Jersey as the given HQ. Does this meet requirements? DanJay000 (talk) 10:04, 12 November 2013 (UTC)

I've made the change to Jersey, Thanks for your patience.-- — Keithbob • Talk • 14:14, 8 March 2014 (UTC)

Comments from my User talk page

Global fund v Euro fund

• Manages the largest global macro fund in the world vs global hedge fund business based in Europe -> Brevan does have the largest macro hedge fund in the world, is still a global hedge fund business (they have operations globally) and is HQ’d in Europe (Jersey). Going back to the Unilever analogy, this is the same as saying Unilever is a global manufacturer HQ’d in Europe, and Ben and Jerry’s (which they own) is, say, the biggest ice cream in the world and HQ'd in Vermont.
  • Sorry to sound like a broken record, but we need sources. Editorial explanations and analogies don't hold water on WP. -- — Keithbob • Talk • 19:40, 18 September 2013 (UTC)
• I've emailed you a recent article from HFM Week (5 September) that was pay-walled, describing it as HQ'd in Jersey. DanJay000 (talk) 14:00, 20 September 2013 (UTC)

For an alternative source for the ‘largest macro fund in the world’ descriptor, see another alternative source here.

These appear to be pay-walled. If you have access please email me a copy. Thanks. -- — Keithbob • Talk • 19:40, 18 September 2013 (UTC)

• As above, I've emailed this to you as well, and also include other (some non-paywalled) sources that also describe the Brevan Howard Master Fund as the largest macro hedge fund in the world. If you e-mail me back, I could get screen shots across to you too DanJay000 (talk) 14:00, 20 September 2013 (UTC)

Draft by user: DanJay000

Just noting this draft here for everyone's reference. [4]-- — Keithbob • Talk • 21:46, 26 September 2013 (UTC)

Updates requested by DanJay

1) "Fund manager, Geraldine Sundstrom, joined the company in 2007 and oversees the Brevan Howard Master Fund."

Geraldine Sundstrom doesn't oversee the Brevan Howard Master Fund. She oversees the Brevan Howard Emerging Markets Strategies Master Fund Limited. The cited source does say this but I can see how it would be unclear from the way the article is structured. Here are some other sources on this: [1][2][3]

2) "According to a company press release it also manages two closed-ended feeder funds, BH Global Limited and BH Macro Limited"

There are three closed-ended feeder funds - BH Credit Catalysts is the third and was listed on the London Exchange in December 2010. [1][2][3]

The source linked to says that BH Global Limited and BH Macro Limited were listed on the Dubai Stock Exchange in 2008. So the timeline is that these two companies were listed in London first in 2007 and 2008, then both listed together in Bermuda and Dubai in 2008. BH Credit Catalysts, as above was listed in 2010 in London. Could this be updated to:

"Brevan Howard Capital Management is also the manager of three closed ended feeder funds, BH Macro Limited (LSE: BHMG)[source], BH Global Limited (LSE: BHGG)[source] and BH Credit Catalysts Limited (LSE: BHCG)[source]. All three companies are listed on the London Stock Exchange, whilst BH Macro and BH Global also listed on the Dubai Stock Exchange [source] in 2008." 3) "As of 2012 its assets under management (AUM) were second among the European hedge fund management firms."

Brevan Howard is now the largest hedge fund manager in Europe, not the second largest, as of November 2013. sources: [1][2].

4) "Credit Suisse Private Bank invested $2 billion in Brevan Howard's global macro, flagship fund and the company's AUM grew to $10.5 billion by 2006."

This doesn't quite follow on from the previous sentence and is confusing for the reader, could we make this flow better? The source says:

"The company received $2 billion to manage in the global macro fund from Credit Suisse Private Bank when a team of 25 left the investment bank in 2002, led by the head of proprietary trading, Alan Howard. He became Brevan Howard's founding partner. Assets grew steadily to $10.5 billion at the end of 2006."

Since this is how the firm was founded, could we include this paragraph further up the "History" section? We can then connect it with the other founding partners and that then flows nicely into the story around the Brevan Howard name.

The source continues to provide some great information on the founding and general history of the firm. Can we include this information in the history section? E.g.

• "2007 proved to be the watershed year “when people started noticing us,” primarily because of that year's 25% return of the Brevan Howard Master Fund, Mr. Kawkabani said."

• "Brevan Howard's overall growth has been extraordinary — 262% — since the beginning of 2007 as returns of the global macro fund continued to be strong during down markets and positive, albeit flattish, during bull market runs."

5) Article lead update

Could we update this to include the fact that it is now the largest hedge fund in Europe?

[Above are ] Some suggested updates based on new information and some cleaning up of inaccuracies/technical issues in this article. DanJay000 (talk) 12:03, 12 November 2013 (UTC)

Request for changes and updates to the article

Hi Jenny, I've updated the infobox, thanks for pointing that out. Let's discuss these other issues and see what we can do to get everything up to speed. Can you post sources that provide answers to the questions below? Thanks!-- — Keithbob • Talk • 17:32, 10 March 2014 (UTC)

PS I never saw the Nov 2013 requests from DanJay as he placed them out of chronological order (most recent threads belong at the bottom of a talk page). I have moved them now so they are in proper order and can be easily accessed to supplement the discussions below. Cheers! -- — Keithbob • Talk • 17:51, 10 March 2014 (UTC)

Fund Manager

The article says: Fund manager, Geraldine Sundstrom, joined the company in 2007 and oversees the Brevan Howard Master Fund. Is there any more recent information (source) about Sundstroms activities at the company?-- — Keithbob • Talk • 17:37, 10 March 2014 (UTC)

 Done per this source [5]-- — Keithbob • Talk • 21:24, 13 March 2014 (UTC)

Feeder funds

Article says: According to a company press release it also manages two closed-ended feeder funds, BH Global Limited and BH Macro Limited but Brevan Howard also manages the closed-ended feeder fund, BH Credit Catalysts Limited. Do we have source for that one? If so then we can add it.-- — Keithbob • Talk • 17:32, 10 March 2014 (UTC)

 Done per this source [6]-- — Keithbob • Talk • 21:29, 13 March 2014 (UTC)

AUM

Article says: As of 2012 its assets under management (AUM) were second among the European hedge fund management firms. Are there more recent sources for the AUM figure and its status amongst other European funds?-- — Keithbob • Talk • 17:32, 10 March 2014 (UTC)

 Done-- — Keithbob • Talk • 21:54, 13 March 2014 (UTC)

List of funds

The article mentions Brevan Howard manages 11 funds but only names six of them:

• Brevan Howard Master Fund (2003), Brevan Howard Multi-Strategy Master Fund Limited (2008), Brevan Howard Emerging Markets Strategies Master Fund Limited (2007), Brevan Howard Credit Catalysts Master Fund Limited (2009), the Brevan Howard Asia Master Fund Limited (2004)[4] and the Brevan Howard Emerging Markets Local Fixed Income Fund

Are there a source(s) that specifies the remaining funds?-- — Keithbob • Talk • 17:32, 10 March 2014 (UTC)

 Done-- — Keithbob • Talk • 22:07, 13 March 2014 (UTC)

Sources for outstanding points

Hi Keithbob,

These are the sources for the outstanding points:

Fund Manager

http://www.milkeninstitute.org/events/gcprogram.taf?function=bio&EventID=gc13&SPID=10828 http://www.thehedgefundjournal.com/node/8473

Feeder funds

Direct link and quote relating to the BHCC fund which needs to be added:

"The listed feeder fund was set up at the end of 2010 to offer diversification and access to the credit strategy to comparatively smaller investors and investors who can only invest in listed funds. Wealth managers, discretionary managers, smaller institutions and sophisticated high net worth investors feature largely among its investor base." http://www.opalesque.com/639380/BHCC_offers_listed_diversification_in_difficult_markets938.html

Additional sources:

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11558291 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11536651 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11532684

AUM

http://www.thehedgefundjournal.com/sites/default/files/hfj-europe-50-2013_0.pdf

List of funds

Brevan Howard Master Fund Limited (“BHMF”) http://www.thehedgefundjournal.com/sites/default/files/hfj-europe50-2012.pdf

Brevan Howard Asia Master Fund Limited (“BHA”) Brevan Howard Emerging Markets Strategies Master Fund Limited (“BHEMS”) Brevan Howard Multi-Strategy Master Fund Limited (“BHMS”) Brevan Howard Credit Catalysts Master Fund Limited (“BHCC”) http://www.bloomberg.com/news/2012-01-12/brevan-howard-proves-master-of-hedge-funds-with-four-in-top-100.html

Brevan Howard Commodities Strategies Master Fund Limited (“BHCS”) http://www.bloomberg.com/news/2010-05-19/brevan-howard-opens-its-200-million-commodities-fund-to-outside-investors.html

Brevan Howard Systematic Trading Master Fund Limited (“BHST”) http://www.risk.net/hedge-funds-review/profile/2246631/brevan-howard-systematic-trading-master-fund-bhdg-systematic-trading

Brevan Howard Credit Value Master Fund Limited (“BHCV”) http://www.finalternatives.com/node/20855

Brevan Howard CMBS Master Fund Limited (“BHCMBS”) http://www.bloomberg.com/news/2012-06-07/brevan-howard-buying-cmbs-sees-60-gains-for-teachers-mortgages.html

Brevan Howard Investment Fund: Emerging Markets Local Fixed Income Fund Limited (“BHEML”) http://www.risk.net/hedge-funds-review/profile/2246483/brevan-howard-emerging-markets-local-fixed-income-fund-bheml-brevan-howard-investment-products

Brevan Howard Investment Fund II - Macro FX Fund Limited (“BHMFX”) http://globaldocuments.morningstar.com/documentlibrary/Document/e42cca66a4740f43d578e21c3023e9e5.msdoc/original

--Jenny.barrett (talk) 09:12, 13 March 2014 (UTC)

External links modified

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Update request

User Algo0101 left a message on my talk page asking me to add updated information to the article. I'm happy to do so if I can but thought it would be best to move the conversation between he/she and I to this page in case others would like to join in. Algo left me a list of potential sources but I'm having some difficulties accessing many of them as outline below:

1. Valuewalk Funds also domiciled in Delaware. -- Requires a subscription
2. HFMWeek UCITS funds domiciled in Luxembourg. -- Requires a subscription. The source offers a free trial but in order to register a real life name and phone number is required and I'm not interested in giving out personal info related to my WP account as I've had years of phone harassment as a result of working on contentious WP articles.-- — Keithbob • Talk • 16:23, 18 December 2016 (UTC)

These sources however, seem accessible and I'll go through them and update the article as time allows:

1. FINalternatives Algo says: Headquarters were not moved to Geneva. However, this 2010 source cannot supercede the 2012 source that is currently cited in the article.
2. Financial Times Only 3 offshore funds.
3. Financial Times Performance figures for 2011, 2012, 2013.
4. Bloomberg Geraldine Sundstrom left in 2014.
5. Bloomberg Singapore office.
6. Bloomberg Decrease in staff numbers.
7. Financial Times Assets under management.

-- — Keithbob • Talk • 16:23, 18 December 2016 (UTC)

 Done-- — Keithbob • Talk • 17:12, 18 December 2016 (UTC)

Hi Keithbob, Thanks for the great work you've put into this. In order to continue to make this page more accurate, I've found additional sources relating to Brevan Howard having funds domiciled in Delaware and Luxembourg.

1. SEC Notes this fund is incorporated in Delaware
2. SEC Notes this fund is incorporated in Delaware
3. Fundfire Notes that Brevan have two UCITS funds in Luxembourg

Regarding the performance figures of the Master Fund, source 9 mentions the performance of Geraldine Sundstrom's fund, however these figures have been quoted as the Master Fund's performance figures on this page, which they are not, as Geraldine did not trade the Brevan Howard Master Fund. Source 19 also does not work anymore. Performance figures for the Master Fund for these years can be found here:

1. Financial Times

Many thanks Algo0101 (talk) 16:02, 4 January 2017 (UTC)

OK I've tidied up the section on Investment Funds History it should be more accurate now. The other information about where individual funds are domiciled I don't find to be notable enough for inclusion. Is this raises specific content issues please specify which sentences you feel are incorrect and I can have a second look.-- — Keithbob • Talk • 20:43, 6 February 2017 (UTC)

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