Key Takeaways
- • High-profile macro trader John Curtice departed Brevan Howard Asset Management in May 2026 after joining just 15 months prior in February 2025, marking a swift exit for a specialized leveraged macro bet specialist based in Geneva.
- • Curtice's departure coincides with performance headwinds at Brevan Howard's $11.2 billion Master Fund, which posted losses in its rates trading book throughout 2025 and into Q1 2026, though equity gains partially offset these declines.
- • The Master Fund posted positive year-to-date returns of 3.7% as of May 15, 2026, demonstrating partial recovery despite ongoing challenges in the rates book across multiple portfolio managers.
- • Curtice previously worked at Millennium Management, where the firm had offered him compensation opportunities exceeding $50 million, establishing his status as a high-conviction macro trading talent sought by elite hedge fund platforms.
- • Neither Curtice nor Brevan Howard disclosed reasons for the departure, leaving the precise strategic rationale undisclosed to the market.
Summary
John Curtice has departed Brevan Howard Asset Management after slightly more than a year with the Geneva-based hedge fund, according to sources with direct knowledge of the matter. Curtice joined the firm in February 2025 as a macro trader focused on high-conviction leveraged bets and traded for Brevan Howard's flagship $11.2 billion Master Fund, which operates under a multi-manager structure.
The exit represents a notably swift tenure for a senior hire at an institutional hedge fund platform. Curtice's previous employment at Millennium Management, the multi-strategy firm led by Izzy Englander, established his pedigree as a sophisticated macro trader; Millennium had extended him a compensation opportunity exceeding $50 million according to Bloomberg reporting, underscoring his track record and market value.
Curtice's departure occurs against a backdrop of mixed performance for the Master Fund. The fund experienced losses in its rates trading book during 2025 and continued to face headwinds in that sleeve through Q1 2026. However, these losses were partially offset by gains generated in the equities trading book, demonstrating diversification within the fund's portfolio management approach. Despite these challenges, the Master Fund remained in positive territory, posting year-to-date returns of 3.7% as of May 15, 2026, suggesting that offsetting performance from non-rates strategies sustained overall fund performance.
Both Curtice and Brevan Howard declined to comment on the move, leaving the specific circumstances driving his departure unconfirmed. The lack of disclosed rationale—whether performance-driven, strategic, or personal—leaves observers to assess the departure within the context of the fund's broader rate-trading difficulties and the demanding environment for macro trading strategies in 2026.
The exit represents a notably swift tenure for a senior hire at an institutional hedge fund platform. Curtice's previous employment at Millennium Management, the multi-strategy firm led by Izzy Englander, established his pedigree as a sophisticated macro trader; Millennium had extended him a compensation opportunity exceeding $50 million according to Bloomberg reporting, underscoring his track record and market value.
Curtice's departure occurs against a backdrop of mixed performance for the Master Fund. The fund experienced losses in its rates trading book during 2025 and continued to face headwinds in that sleeve through Q1 2026. However, these losses were partially offset by gains generated in the equities trading book, demonstrating diversification within the fund's portfolio management approach. Despite these challenges, the Master Fund remained in positive territory, posting year-to-date returns of 3.7% as of May 15, 2026, suggesting that offsetting performance from non-rates strategies sustained overall fund performance.
Both Curtice and Brevan Howard declined to comment on the move, leaving the specific circumstances driving his departure unconfirmed. The lack of disclosed rationale—whether performance-driven, strategic, or personal—leaves observers to assess the departure within the context of the fund's broader rate-trading difficulties and the demanding environment for macro trading strategies in 2026.
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