Key Takeaways
- • Brevan Howard is actively recruiting senior macro portfolio managers, including Jonas Klink (former head of EUR & GBP flow rates trading at UBS), Mickael Sabban (from Citadel Securities' rates team), and Ning Guo (former rates trader at Verition and Citadel), signaling a strategic expansion of macro trading talent despite recent performance headwinds.
- • The flagship Master Fund delivered weak returns, rising only 0.8% in 2025 and declining 6.6% in March 2026 amid Middle East geopolitical turmoil, underscoring pressure to strengthen its macro investment capabilities.
- • Current investment headcount stands at 150+ staff, representing a modest increase from 145 portfolio managers reported in December 2025, though below the 170 "risk takers" employed in April 2024, suggesting selective expansion rather than broad-based hiring.
- • The hiring push indicates Brevan Howard is doubling down on macro expertise in rates and FX trading, core competency areas where the fund appears to be repositioning talent after lackluster performance.
Summary
Brevan Howard, the $20+ billion global macro hedge fund, is actively hiring senior macro portfolio managers despite significant recent performance challenges. The firm has recruited Jonas Klink, the former head of EUR & GBP flow rates trading at UBS, who specializes in capital-intensive sovereign, supranational, and agency (SSA) and covered bond trading. Additionally, the fund brought on Mickael Sabban from Citadel Securities' rates trading team in New York and Ning Guo, a former rates trader at Verition who spent the last three years at Citadel before departing in November 2025. Sabban and Guo are understood to have joined Brevan Howard in May 2026.
The hiring activity comes as the firm's flagship Master Fund has struggled considerably. The strategy returned only 0.8% in 2025 and subsequently fell 6.6% in March 2026, with losses attributed to market dislocation driven by Middle East conflict. The timing and specificity of these hires—concentrated in rates and FX trading expertise—suggests Brevan Howard is strategically reinforcing its core macro competencies to address recent underperformance, rather than pursuing broader fund expansion.
Current investment headcount at Brevan Howard stands at 150+ staff, representing a marginal increase from the 145 portfolio managers reported in December 2025. However, this figure remains below the 170 "risk takers" the firm employed in April 2024, indicating selective hiring rather than comprehensive headcount growth. The firm declined to comment on the new appointments. This measured approach to talent acquisition aligns with industry patterns for macro funds navigating volatile markets while positioning for recovery.
The hiring activity comes as the firm's flagship Master Fund has struggled considerably. The strategy returned only 0.8% in 2025 and subsequently fell 6.6% in March 2026, with losses attributed to market dislocation driven by Middle East conflict. The timing and specificity of these hires—concentrated in rates and FX trading expertise—suggests Brevan Howard is strategically reinforcing its core macro competencies to address recent underperformance, rather than pursuing broader fund expansion.
Current investment headcount at Brevan Howard stands at 150+ staff, representing a marginal increase from the 145 portfolio managers reported in December 2025. However, this figure remains below the 170 "risk takers" the firm employed in April 2024, indicating selective hiring rather than comprehensive headcount growth. The firm declined to comment on the new appointments. This measured approach to talent acquisition aligns with industry patterns for macro funds navigating volatile markets while positioning for recovery.
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