Brevan Howard Makes New York Comeback

Brevan Howard Asset Management, which is Europe’s second largest hedge fund, is rebuilding in the United States after pulling out during the financial crisis in 2008. The $39 billion company is run by billionaire Alan Howard.

The company is looking for traders for its New York office. It has added 14 people to its US unit in the last five months. Among those who are recently hired by the firm are Don Carson, who previously ran Credit Suisse Group AG”s US dollar swaps desk and Josh Bertman, a mortgage trader from the Zurich bank.

Brevan Howard expanded to 16 people last month from just two in June. It is looking for traders as hedge funds struggle to profit from Europe’s debt crisis and Wall Street banks contract or eliminate trading desks.

Its main fund is on track to getting is second worst year. It is expanding to get more insight into the US markets, attract traders and provide employees the opportunity to relocate to New York. Analysts believe that expanding in New York at present is a right move due to a lot of blood on the street as hedge funds and banks cut jobs.

Brevan Howard is a macro hedge fund that seeks to profit from broad economic trends by trading economic trends from currencies to commodities. According to data compiled by Bloomberg, such funds got an average of 0.9 percent loss this year as of October.

Brevan Howard’s Master Fund returned around 1.8 percent through November 9. It has never had a losing year since it was founded in 2003. Its worst year was a 1 percent gain in 2010.

Carson was hired by Brevan Howard last month and Bertman is set to join the firm after leaving Credit Suisse in October. Giles Coppel, who is a former trader at Tudor Investment, is listed as head of trading in a registration filed by Brevan Howard’s unit in the United States.