Key Takeaways
- • Macro trader John Curtice has left Brevan Howard Asset Management less than two years after joining in February 2025, according to people familiar with the matter cited by Bloomberg.
- • Curtice, based in Geneva, traded within the firm's flagship $11.2 billion Master Fund and was known for high-conviction leveraged macro strategies.
- • Brevan Howard's Master Fund was up 3.7% through mid-May 2026, while the BH Alpha Strategies fund gained 4.2% over the same period, with equities gains offsetting rates-book losses.
- • Curtice's exit follows a short tenure at Millennium Management, where he was hired from ExodusPoint Capital Management on a reported compensation package of more than $50 million and later had his trading capital reduced after risk-guidance breaches.
Summary
Macro trader John Curtice has left Brevan Howard Asset Management less than two years after joining the hedge fund firm, according to people familiar with the matter, as reported by Bloomberg and cited by Hedgeweek. Curtice, who was based in Geneva, joined Brevan Howard in February 2025 to trade within the firm's flagship $11.2 billion Master Fund. He was known for running high-conviction leveraged macro strategies.
The departure comes as the Master Fund has faced pressure in its rates trading book over the past year, including during the first quarter of 2026. Gains in equities trading have helped offset some of those losses. Through mid-May, the Master Fund was up 3.7%, while the firm's BH Alpha Strategies fund gained 4.2% over the same period.
Curtice had previously been one of Millennium Management's most high-profile hires. The hedge fund reportedly offered him a compensation package worth more than $50 million to join from ExodusPoint Capital Management. His tenure at Millennium was short-lived, however. The firm reduced his trading capital following breaches of internal risk guidance, and he departed the platform within a year.
The departure comes as the Master Fund has faced pressure in its rates trading book over the past year, including during the first quarter of 2026. Gains in equities trading have helped offset some of those losses. Through mid-May, the Master Fund was up 3.7%, while the firm's BH Alpha Strategies fund gained 4.2% over the same period.
Curtice had previously been one of Millennium Management's most high-profile hires. The hedge fund reportedly offered him a compensation package worth more than $50 million to join from ExodusPoint Capital Management. His tenure at Millennium was short-lived, however. The firm reduced his trading capital following breaches of internal risk guidance, and he departed the platform within a year.
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