Key Takeaways
- • Brevan Howard has cut at least four people from its technology team, according to sources at the fund, with the reductions representing about 2% of the workforce in middle and back office roles.
- • The cuts affect teams in London and Abu Dhabi, marking the latest in a series of technology-team exits that has seen seven of the function's most senior people leave in the last 18 months.
- • The technology cuts follow a 7% global staff reduction in January 2025 and earlier cuts in April 2024, when about 20% of headcount was removed, with technology staff reportedly the main focus.
- • The move comes shortly after Brevan Howard secured a $2bn investment from Abu Dhabi-based Lunate, which is expected to bring hiring, while the Master Fund was down 1.4% in the year to August.
Summary
Hedge fund Brevan Howard has parted company with at least four people in its technology team, according to sources at the fund, as reported by eFinancialCareers. The involuntary departures are understood to amount to about 2% of the workforce in middle and back office roles, with teams in both London and Abu Dhabi affected. Brevan Howard did not respond to a request for comment.
The cuts continue a pattern of departures from the technology function, which has lost seven of its most senior people over the past 18 months. That includes three of the four individuals who briefly ran the function before new CTO Mike Sanders joined from JPMorgan last year. The technology team had expanded rapidly after former CTO Kevin Gage arrived from Mizuho in late 2022; it is understood he brought much of the fund's technology function in-house and added hundreds of staff.
The fund has reduced headcount several times recently. It cut 7% of its global staff in January 2025 and made cuts in April 2024, when about 20% of its headcount was removed, with technology staff thought to be the main focus. Bloomberg reported in January that the firm operates a "twice-year review."
The reductions come as Brevan Howard recently secured a $2bn investment from Abu Dhabi-based Lunate, and is expected to hire as a result. Performance figures cited in the report show the Brevan Howard Master Fund down 1.4% in the year to August, while its Alpha Strategies fund was up 6% over the same period. Rokos Capital Management, a peer, was up 14%. In March, Bloomberg reported that Brevan Howard had curtailed traders' ability to take risk after losses exceeded 5%.
The cuts continue a pattern of departures from the technology function, which has lost seven of its most senior people over the past 18 months. That includes three of the four individuals who briefly ran the function before new CTO Mike Sanders joined from JPMorgan last year. The technology team had expanded rapidly after former CTO Kevin Gage arrived from Mizuho in late 2022; it is understood he brought much of the fund's technology function in-house and added hundreds of staff.
The fund has reduced headcount several times recently. It cut 7% of its global staff in January 2025 and made cuts in April 2024, when about 20% of its headcount was removed, with technology staff thought to be the main focus. Bloomberg reported in January that the firm operates a "twice-year review."
The reductions come as Brevan Howard recently secured a $2bn investment from Abu Dhabi-based Lunate, and is expected to hire as a result. Performance figures cited in the report show the Brevan Howard Master Fund down 1.4% in the year to August, while its Alpha Strategies fund was up 6% over the same period. Rokos Capital Management, a peer, was up 14%. In March, Bloomberg reported that Brevan Howard had curtailed traders' ability to take risk after losses exceeded 5%.
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