Key Takeaways
- • Ripple Prime will provide multi-asset prime brokerage, clearing and financing to Brevan Howard funds, the two firms announced on Tuesday; the size of the mandate was not disclosed.
- • The service spans FX, digital assets, fixed income and derivatives on a unified platform, which Ripple says is designed to improve capital efficiency and operational simplicity.
- • The mandate converts an existing investor relationship into a client one, as Brevan Howard-affiliated funds participated in Ripple's $500m strategic investment round in 2025.
- • Brevan Howard, which describes itself as managing about $35bn in total AUM for institutional investors, is a notable win for Ripple Prime, the former Hidden Road that Ripple agreed to acquire for $1.25bn in April 2025.
- • Key terms remain undisclosed, including how much of Brevan Howard's assets will be serviced, which products the funds will use, and the revenue the mandate will generate.
Summary
Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to Brevan Howard funds, according to an announcement made by the two firms on Tuesday. Prime brokerage refers to the financing, clearing and trading services hedge funds rely on, while clearing involves settling and guaranteeing completed trades. The size of the mandate has not been disclosed.
According to Ripple's release, the offering covers FX, digital assets, fixed income and derivatives. Ripple argues that its unified platform improves capital efficiency, meaning less collateral is tied up per position, and simplifies operations. The company also says the deal reflects growing demand from top-tier managers for prime brokerage spanning traditional and digital markets.
Brevan Howard, a global macro manager that describes itself as overseeing about $35bn for institutional investors, is a significant client for Ripple Prime. Noel Kimmel, President of Ripple Prime, said Brevan Howard's trust recognises the firm's competitive position and cross-asset capabilities. Alan McGroarty, Group Chief Operating Officer of Brevan Howard, said Ripple "has built a differentiated platform" that he expects will give the firm's investment teams greater operational ease and capital efficiency. Note that the $35bn figure refers to Brevan Howard's total AUM, not the assets involved in this mandate.
The relationship predates the mandate. Funds managed by Brevan Howard affiliates took part in Ripple's $500m strategic investment in 2025, so the agreement converts an investor link into an operating client relationship. Ripple Prime is the former Hidden Road, which Ripple agreed to buy for $1.25bn in April 2025.
Several details remain undisclosed. Ripple has not said how much of Brevan Howard's assets it will service, which specific products the funds will use, or what revenue the mandate will bring.
According to Ripple's release, the offering covers FX, digital assets, fixed income and derivatives. Ripple argues that its unified platform improves capital efficiency, meaning less collateral is tied up per position, and simplifies operations. The company also says the deal reflects growing demand from top-tier managers for prime brokerage spanning traditional and digital markets.
Brevan Howard, a global macro manager that describes itself as overseeing about $35bn for institutional investors, is a significant client for Ripple Prime. Noel Kimmel, President of Ripple Prime, said Brevan Howard's trust recognises the firm's competitive position and cross-asset capabilities. Alan McGroarty, Group Chief Operating Officer of Brevan Howard, said Ripple "has built a differentiated platform" that he expects will give the firm's investment teams greater operational ease and capital efficiency. Note that the $35bn figure refers to Brevan Howard's total AUM, not the assets involved in this mandate.
The relationship predates the mandate. Funds managed by Brevan Howard affiliates took part in Ripple's $500m strategic investment in 2025, so the agreement converts an investor link into an operating client relationship. Ripple Prime is the former Hidden Road, which Ripple agreed to buy for $1.25bn in April 2025.
Several details remain undisclosed. Ripple has not said how much of Brevan Howard's assets it will service, which specific products the funds will use, or what revenue the mandate will bring.
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