Key Takeaways
- • Brevan Howard, an $11 billion hedge fund manager led by billionaire Alan Howard, hired Morad Masjedi, a 14-year veteran mortgage trader from Goldman Sachs, as a portfolio manager starting mid-May 2021.
- • Masjedi brings specialized expertise in agency mortgage portfolio management, with a doctorate in physics from NYU, to lead mortgage-focused strategies at Brevan's New York office.
- • The hire follows Brevan Howard's exceptional 2020 performance, with the flagship fund returning 27.4%—significantly outpacing the 11.6% average hedge fund return—positioning the firm to expand its portfolio management capacity.
- • Brevan Howard is actively building its New York team, including the rehiring of Louis Basger, who rejoined after launching and closing his own hedge fund, Cove Capital, between 2016 and early 2021.
Summary
Brevan Howard Asset Management has recruited Morad Masjedi as a portfolio manager, marking a significant addition to the $11 billion hedge fund's leadership ranks. Masjedi, who spent 14 years at Goldman Sachs with a decade focused on agency mortgage portfolio management, will assume his position at Brevan's New York offices beginning mid-May 2021, following the conclusion of his garden leave. Prior to his Goldman career, Masjedi earned a doctorate in physics from New York University, bringing both quantitative rigor and deep mortgage markets expertise to the role.
The hire occurs against the backdrop of exceptional performance at Brevan Howard in 2020. The firm's flagship fund delivered a 27.4% return, substantially exceeding both industry averages and peer performance. Most notably, Brevan's US Rates Opportunities fund, which positioned on the US yield curve and was operated by portfolio manager Rishi Shah, generated a 99% return before its November 2020 closure. These results dwarf the hedge fund industry median of 11.6% for the year, according to Hedge Fund Research, demonstrating the firm's operational excellence during volatile market conditions.
The Masjedi appointment reflects Brevan Howard's strategic expansion of its portfolio management team in New York. This follows the firm's recent rehiring of Louis Basger, who had exited in 2016 to launch his own vehicle, Cove Capital, before subsequently closing that fund and rejoining Brevan Howard. Both moves underscore management's confidence in expanding capacity to capitalize on opportunities in mortgage markets and other specialized trading strategies where the firm has demonstrated competitive advantage.
The hire occurs against the backdrop of exceptional performance at Brevan Howard in 2020. The firm's flagship fund delivered a 27.4% return, substantially exceeding both industry averages and peer performance. Most notably, Brevan's US Rates Opportunities fund, which positioned on the US yield curve and was operated by portfolio manager Rishi Shah, generated a 99% return before its November 2020 closure. These results dwarf the hedge fund industry median of 11.6% for the year, according to Hedge Fund Research, demonstrating the firm's operational excellence during volatile market conditions.
The Masjedi appointment reflects Brevan Howard's strategic expansion of its portfolio management team in New York. This follows the firm's recent rehiring of Louis Basger, who had exited in 2016 to launch his own vehicle, Cove Capital, before subsequently closing that fund and rejoining Brevan Howard. Both moves underscore management's confidence in expanding capacity to capitalize on opportunities in mortgage markets and other specialized trading strategies where the firm has demonstrated competitive advantage.
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