Brevan Howard Asset Management is all set to reduce its workforce by a 100 people. This is part of a cost-cutting exercise at the hedge fund, which is endeavouring to streamline processes. As part of this attempt, it is considering closing its Paris office.
The layoff will primarily affect back-office roles and tech employees, mostly in London, New York and Hong Kong. About 20 traders and portfolio managers or money managers will also be laid off.
Globally, the asset management firm has over 1,100 employees across its offices in NewYork, London, Hong Kong, Abu Dhabi and others. In India, the firm has an office in Bengaluru.
It is reported that over 20 traders were let go in March 2024 too.
The firm has over the years invested on creating a robust infrastructure systems. Therefore, it now needs less people for maintenance.
It is pertinent to mention here that the hedge fund had increased its headcount substantially in the last few years. In fact, from a team of 150, it managed to grow to a 1,000+ strong global team in just about the last five years. This growth is attributed to increase in the assets under management from six billion dollars to 35.
However, media reports say that the firm is still hiring in various areas including digital assets, relative value bond investing and systematic equities.
