Key Takeaways
- • Tekmerion Capital Management is spinning out from Brevan Howard Asset Management with over $1 billion in investor commitments, relaunching independently later in 2026.
- • The macro hedge fund is led by Zachary Squire and Reed Morrissey, with backing from multi-strategy hedge fund Engineers Gate and early investor Michael Novogratz.
- • Engineers Gate will provide capital, infrastructure, and office space; Brevan Howard retains an economic interest through a revenue-sharing arrangement and retains the right to invest alongside Tekmerion in the future.
- • Tekmerion employs a data-driven, hybrid systematic macro strategy positioned to capture major market shifts, according to Novogratz.
- • Brevan Howard's 2025 performance showed its Master Fund returned 0.75% while its Alpha Strategies fund gained 8%, providing context for the parent firm's broader macro and multi-strategy positioning.
Summary
Tekmerion Capital Management, a systematic macro hedge fund, is completing its separation from Brevan Howard Asset Management and plans to relaunch as an independent entity in 2026 with more than $1 billion in committed capital. The spinout represents a strategic separation that allows the macro-focused team to operate independently while maintaining economic ties to its former parent through a revenue-sharing agreement.
The firm is led by co-founders Zachary Squire and Reed Morrissey, who previously operated within Brevan Howard as the BH-Tekmerion Fund starting in 2024. Tekmerion has secured substantive institutional backing for its relaunch, with engineers Gate—a multi-strategy hedge fund—committing to provide not only capital but also critical operational support including infrastructure and office space. Michael Novogratz, an early supporter, has also backed the venture, validating the firm's systematic macro approach. According to Novogratz, Tekmerion's data-driven, hybrid systematic macro strategy is well-positioned to capture major market shifts in the current environment.
Brevan Howard's decision to retain an economic interest through a revenue-sharing arrangement rather than contribute capital to the relaunch underscores the separation's strategic nature. The parent firm has negotiated the right to invest alongside Tekmerion in future opportunities, preserving optionality while allowing the macro team full operational independence. This structure enables Brevan Howard to participate in upside without diluting Tekmerion's independence or capital base.
The timing of the spinout reflects broader dynamics within Brevan Howard's performance. The firm's Master Fund returned 0.75% in 2025, while its Brevan Howard Alpha Strategies fund gained 8%, demonstrating mixed results across its macro and multi-strategy portfolios. Tekmerion's separation with substantial capital commitments suggests investor confidence in the team's systematic approach and potential to capture opportunities the parent organization may not prioritize.
The firm is led by co-founders Zachary Squire and Reed Morrissey, who previously operated within Brevan Howard as the BH-Tekmerion Fund starting in 2024. Tekmerion has secured substantive institutional backing for its relaunch, with engineers Gate—a multi-strategy hedge fund—committing to provide not only capital but also critical operational support including infrastructure and office space. Michael Novogratz, an early supporter, has also backed the venture, validating the firm's systematic macro approach. According to Novogratz, Tekmerion's data-driven, hybrid systematic macro strategy is well-positioned to capture major market shifts in the current environment.
Brevan Howard's decision to retain an economic interest through a revenue-sharing arrangement rather than contribute capital to the relaunch underscores the separation's strategic nature. The parent firm has negotiated the right to invest alongside Tekmerion in future opportunities, preserving optionality while allowing the macro team full operational independence. This structure enables Brevan Howard to participate in upside without diluting Tekmerion's independence or capital base.
The timing of the spinout reflects broader dynamics within Brevan Howard's performance. The firm's Master Fund returned 0.75% in 2025, while its Brevan Howard Alpha Strategies fund gained 8%, demonstrating mixed results across its macro and multi-strategy portfolios. Tekmerion's separation with substantial capital commitments suggests investor confidence in the team's systematic approach and potential to capture opportunities the parent organization may not prioritize.
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