Key Takeaways
- • Tekmerion Capital Management is spinning out of Brevan Howard Asset Management with more than $1 billion in investor commitments, reestablishing itself as an independent macro hedge fund later in 2026.
- • The spinout is led by Zachary Squire and Reed Morrissey, with backing from multistrategy hedge fund Engineers Gate and early supporter Michael Novogratz.
- • Brevan Howard retains an economic interest in the venture but is not contributing capital to the initial relaunch, representing a partial exit from the fund management relationship.
- • Tekmerion's independence follows a challenging period for Brevan Howard, which reported a 20% decline in profits available to partners for the year ending March 2025 amid a softer macro trading environment.
Summary
Tekmerion Capital Management is separating from Brevan Howard Asset Management and establishing itself as an independent macro hedge fund with commitments exceeding $1 billion from external investors. The spinout, set to relaunch later in 2026, marks a significant transition for the fund and a notable reshuffling within the macro hedge fund landscape.
The fund will be led by Zachary Squire, who serves as chief investment officer, and Reed Morrissey. According to Bloomberg, the spinout is backed by a roster of institutional investors including multistrategy hedge fund Engineers Gate and Michael Novogratz, an early supporter of the fund. Notably, Brevan Howard—the parent firm from which Tekmerion is separating—will retain an economic interest in the venture but is not committing fresh capital to the relaunch, positioning the structure as a hybrid exit that preserves some upside participation.
The timing of the spinout comes as Brevan Howard itself has faced headwinds in its macro strategies. According to the Financial Times, Brevan Howard reported a 20% decline in profits available to partners for the fiscal year ending March 2025, reflecting challenging market conditions for macro trading and underperformance relative to the broader alternative investment landscape during that period.
Squire has positioned the spinout as an opportune moment for the fund, indicating that there remains an "amazing opportunity set in markets" ahead. The $1 billion-plus commitment level signals investor confidence in Tekmerion's strategy and leadership despite the macro environment's recent volatility. The separation from Brevan Howard allows Tekmerion to operate independently while maintaining partial economic ties to its former parent, a structure that balances autonomy with retained financial interests for the legacy organization.
The fund will be led by Zachary Squire, who serves as chief investment officer, and Reed Morrissey. According to Bloomberg, the spinout is backed by a roster of institutional investors including multistrategy hedge fund Engineers Gate and Michael Novogratz, an early supporter of the fund. Notably, Brevan Howard—the parent firm from which Tekmerion is separating—will retain an economic interest in the venture but is not committing fresh capital to the relaunch, positioning the structure as a hybrid exit that preserves some upside participation.
The timing of the spinout comes as Brevan Howard itself has faced headwinds in its macro strategies. According to the Financial Times, Brevan Howard reported a 20% decline in profits available to partners for the fiscal year ending March 2025, reflecting challenging market conditions for macro trading and underperformance relative to the broader alternative investment landscape during that period.
Squire has positioned the spinout as an opportune moment for the fund, indicating that there remains an "amazing opportunity set in markets" ahead. The $1 billion-plus commitment level signals investor confidence in Tekmerion's strategy and leadership despite the macro environment's recent volatility. The separation from Brevan Howard allows Tekmerion to operate independently while maintaining partial economic ties to its former parent, a structure that balances autonomy with retained financial interests for the legacy organization.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.