Key Takeaways
- • Brevan Howard appointed Colleen Sullivan, co-founder and former CEO of CMT Digital, to lead a new crypto-focused division called BH Digital, effective immediately as of September 2021.
- • Sullivan departed CMT Digital in August 2021 after serving as CEO of the Chicago-based proprietary trading firm's investment arm, bringing extensive venture and crypto asset experience to the role.
- • Brevan Howard's crypto strategy includes a planned allocation of up to 1.5% of its main fund (valued at $5.6 billion as of April 2021) to direct cryptocurrency exposure, representing a significant institutional commitment to digital assets.
- • CMT Digital's investment portfolio—which includes positions in ErisX, BlockFi, Silvergate Bank, and Polychain Capital—demonstrates the caliber of crypto ecosystem exposure Sullivan brings to Brevan Howard's new division.
- • The hire signals accelerating institutional adoption of cryptocurrency investment strategies among established hedge fund managers, with BH Digital positioned as Brevan Howard's dedicated platform for crypto and digital asset investments.
Summary
Brevan Howard Asset Management has appointed Colleen Sullivan to lead its cryptocurrency investment strategy through a newly established division called BH Digital. Sullivan, who co-founded and served as CEO of CMT Digital until August 2021, will assume responsibility for the hedge fund's digital asset initiatives. The appointment reflects Brevan Howard's commitment to building institutional-grade cryptocurrency capabilities at a time when traditional asset managers are accelerating their digital asset exposure.
Sullivan brings substantial credentials to the role, having built CMT Digital—the investment arm of Chicago proprietary trading firm CMT Group—into a significant player in the crypto venture ecosystem. During her tenure, CMT Digital made strategic investments in multiple prominent cryptocurrency platforms and service providers. The firm's portfolio includes positions in ErisX, a crypto derivatives exchange; BlockFi, a cryptocurrency lending platform; Silvergate Bank, which serves crypto-native financial services; and Polychain Capital, a cryptocurrency-focused venture capital firm. This track record demonstrates deep expertise in identifying and evaluating high-potential projects within the digital asset space.
Brevan Howard signaled its commitment to cryptocurrency allocation in April 2021, when the firm announced plans to dedicate up to 1.5% of its main fund—valued at approximately $5.6 billion at that time—to direct cryptocurrency exposure. The establishment of BH Digital formalizes this strategic direction and positions Sullivan to execute the fund's crypto investment mandate across both direct holdings and venture-stage opportunities. The timing of her appointment underscores Brevan Howard's intention to scale its digital asset operations with experienced institutional talent rather than building capabilities organically.
The hire reflects broader industry trends in which established hedge funds and asset managers are upgrading their cryptocurrency and blockchain infrastructure following years of skepticism or limited engagement. Sullivan's background in both proprietary trading and venture capital investing makes her well-suited to navigate the complexity of crypto markets, which span liquid trading opportunities, early-stage venture investments, and infrastructure plays.
Sullivan brings substantial credentials to the role, having built CMT Digital—the investment arm of Chicago proprietary trading firm CMT Group—into a significant player in the crypto venture ecosystem. During her tenure, CMT Digital made strategic investments in multiple prominent cryptocurrency platforms and service providers. The firm's portfolio includes positions in ErisX, a crypto derivatives exchange; BlockFi, a cryptocurrency lending platform; Silvergate Bank, which serves crypto-native financial services; and Polychain Capital, a cryptocurrency-focused venture capital firm. This track record demonstrates deep expertise in identifying and evaluating high-potential projects within the digital asset space.
Brevan Howard signaled its commitment to cryptocurrency allocation in April 2021, when the firm announced plans to dedicate up to 1.5% of its main fund—valued at approximately $5.6 billion at that time—to direct cryptocurrency exposure. The establishment of BH Digital formalizes this strategic direction and positions Sullivan to execute the fund's crypto investment mandate across both direct holdings and venture-stage opportunities. The timing of her appointment underscores Brevan Howard's intention to scale its digital asset operations with experienced institutional talent rather than building capabilities organically.
The hire reflects broader industry trends in which established hedge funds and asset managers are upgrading their cryptocurrency and blockchain infrastructure following years of skepticism or limited engagement. Sullivan's background in both proprietary trading and venture capital investing makes her well-suited to navigate the complexity of crypto markets, which span liquid trading opportunities, early-stage venture investments, and infrastructure plays.
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.