Key Takeaways
- • Brevan Howard macro portfolio managers are departing and resurfacing at competing institutions, signaling operational challenges at the flagship macro hedge fund and creating a talent pipeline for rival firms.
- • Michael Krupin (ex-Barclays G10 FX trader) joined First New York after a one-year tenure at Brevan Howard ending May 2024; Frank Flight moved to the Soros global macro fund in August following a 13-month stint; Nikhil Gutha transitioned to Point72 Miami after four years at Brevan.
- • Brevan Howard's recent performance deteriorated significantly: the fund lost approximately 2% in 2023 and was down 1.76% through September 2024, contrasting sharply with its strong 2022 return of 20%.
- • The fund underwent significant personnel reductions in April 2024, with particular cuts targeting the systematic macro team, following aggressive hiring of approximately 300 new employees in the prior year.
- • Bank macro trading expansion is creating exit opportunities for Brevan Howard talent, including Yun Zhou's move to Citi as an MD in rates options trading in May 2024, suggesting the fund may serve as a recruitment source as market conditions improve.
Summary
Brevan Howard, the $20+ billion macro-focused hedge fund, is experiencing a notable exodus of portfolio managers to rival investment firms, reflecting operational strain at the London-based alternative manager. According to eFinancialCareers, several macro portfolio managers who either departed voluntarily or were cut from Brevan Howard—particularly from its systematic macro team during April 2024 reductions—have subsequently resurfaced at competing institutions.
The most recent movement involves Michael Krupin, a former Barclays G10 foreign exchange trader who spent one year at Brevan Howard (May 2023 to May 2024) before joining First New York, a multistrategy investment firm providing trading infrastructure to experienced portfolio managers. Frank Flight, who spent just over 13 months at Brevan before departing voluntarily in May 2024, subsequently joined the Soros global macro fund in August. Flight previously held a seven-year tenure as a rates trader at Goldman Sachs. Additionally, Nikhil Gutha, who remained at Brevan for four years, has joined Point72's Miami office. Other departing portfolio managers, including Alfredo Saitta (a former JPMorgan rates trading MD who spent 13 years at Brevan before his fund was closed in May following losses), have not yet reappeared publicly at competing firms.
Brevan Howard's performance deterioration appears to be a contributing factor to the departures. After delivering a strong 20% return in 2022 as interest rate trajectories benefited macro strategies, the fund lost approximately 2% in 2023 and declined 1.76% through September 2024. This performance contraction follows the fund's aggressive hiring initiative that brought in approximately 300 new employees in the prior year, suggesting a possible strategic misalignment or execution challenges following the expansion.
The talent migration may accelerate as macro trading activity picks up at major financial institutions. Yun Zhou, a former Brevan Howard portfolio manager with an 18-month tenure, already transitioned to Citigroup as an MD in rates options trading in May 2024, illustrating how macroeconomic volatility and renewed interest in macro strategies are creating employment opportunities elsewhere. These departures position Brevan Howard as a notable source of trained macro talent during a period of renewed institutional demand for specialized trading expertise.
The most recent movement involves Michael Krupin, a former Barclays G10 foreign exchange trader who spent one year at Brevan Howard (May 2023 to May 2024) before joining First New York, a multistrategy investment firm providing trading infrastructure to experienced portfolio managers. Frank Flight, who spent just over 13 months at Brevan before departing voluntarily in May 2024, subsequently joined the Soros global macro fund in August. Flight previously held a seven-year tenure as a rates trader at Goldman Sachs. Additionally, Nikhil Gutha, who remained at Brevan for four years, has joined Point72's Miami office. Other departing portfolio managers, including Alfredo Saitta (a former JPMorgan rates trading MD who spent 13 years at Brevan before his fund was closed in May following losses), have not yet reappeared publicly at competing firms.
Brevan Howard's performance deterioration appears to be a contributing factor to the departures. After delivering a strong 20% return in 2022 as interest rate trajectories benefited macro strategies, the fund lost approximately 2% in 2023 and declined 1.76% through September 2024. This performance contraction follows the fund's aggressive hiring initiative that brought in approximately 300 new employees in the prior year, suggesting a possible strategic misalignment or execution challenges following the expansion.
The talent migration may accelerate as macro trading activity picks up at major financial institutions. Yun Zhou, a former Brevan Howard portfolio manager with an 18-month tenure, already transitioned to Citigroup as an MD in rates options trading in May 2024, illustrating how macroeconomic volatility and renewed interest in macro strategies are creating employment opportunities elsewhere. These departures position Brevan Howard as a notable source of trained macro talent during a period of renewed institutional demand for specialized trading expertise.
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.