Key Takeaways
- • Brevan Howard's London-based LLP entity filed accounts for the year ending March 2020 showing £18m available for distribution among three partners (Craig Adams, Jonathan Hughes, and Ryan Taylor), who are primarily in legal, compliance, and CFO roles rather than portfolio management.
- • The fund's back-office spinout, Coremont LLP, distributed £25m among three partners (Bevan Kaminer, Jev Mehmet, and James Cousins) plus a Jersey-related entity in the same period, with key management personnel earning a combined £2.8m in salary.
- • High-earning executives and portfolio managers including founder Alan Howard, CEO Aron Landy, and traders Fash Golchin and Alfredo Saitta are based in Geneva, Singapore, Hong Kong, and Washington offices where Brevan Howard does not file public accounts, making full compensation disclosure opaque.
- • Non-partner employees at Brevan Howard Asset Management Services earned substantially less than the partnership pool, with the entity employing 100 support staff during the reporting period.
- • The 2020 reporting period preceded strong fund performance—the U.S. Rates Opportunities Fund returned 99% in 2020 and Golchin's strategy returned 60.5%—but those results postdate the March 2020 accounts filing.
Summary
Brevan Howard Asset Management disclosed limited compensation data in its most recent U.K. filings, revealing a significant disparity between partner payouts and employee compensation while offering minimal insight into total firm economics due to its distributed global structure.
The firm's London-based LLP entity, which filed accounts for the year ending March 2020, listed only three partners on its books: Craig Adams (legal), Jonathan Hughes (chief financial officer), and Ryan Taylor (group head of compliance). These three shared £18m in available distributions—substantially less than headline partner compensation figures. The primary reason for this limited pool is structural: most senior portfolio managers and executives, including founder Alan Howard, CEO Aron Landy, traders Fash Golchin and Alfredo Saitta, and Head of Business Development Mina Bathwal, are domiciled in offshore or international offices (Geneva, Jersey, Hong Kong, Singapore, and Washington) where Brevan Howard does not file public accounts. This geographic distribution renders the firm's total compensation structure largely opaque to external observers.
Brevan Howard's back-office spinout, Coremont LLP, operated under a different partnership structure. Coremont distributed £25m among three partners—COO Bevan Kaminer, CEO Jev Mehmet, and lawyer James Cousins—plus a Jersey-related holding entity (C1 Holdings Limited) during the year ending March 2020. Coremont's disclosed key management personnel costs totaled £2.8m in salary, indicating that the majority of Coremont's £25m distribution represented partnership profit rather than base compensation.
Away from the partnership structures, non-partner employees at Brevan Howard Asset Management Services earned materially less. The entity employed 100 support staff during the reporting period, though specific salary data for this cohort was not disclosed in the available accounts. Industry compensation benchmarks and employee review platforms suggest support and mid-level staff earn substantially below partner distributions, though precise figures remain proprietary.
The March 2020 accounts predate the firm's strong 2020 performance. Brevan Howard's U.S. Rates Opportunities Fund subsequently returned 99% for the year, while Golchin's Geneva-based strategy delivered 60.5%, though 2020 compensation details have not been publicly disclosed.
The firm's London-based LLP entity, which filed accounts for the year ending March 2020, listed only three partners on its books: Craig Adams (legal), Jonathan Hughes (chief financial officer), and Ryan Taylor (group head of compliance). These three shared £18m in available distributions—substantially less than headline partner compensation figures. The primary reason for this limited pool is structural: most senior portfolio managers and executives, including founder Alan Howard, CEO Aron Landy, traders Fash Golchin and Alfredo Saitta, and Head of Business Development Mina Bathwal, are domiciled in offshore or international offices (Geneva, Jersey, Hong Kong, Singapore, and Washington) where Brevan Howard does not file public accounts. This geographic distribution renders the firm's total compensation structure largely opaque to external observers.
Brevan Howard's back-office spinout, Coremont LLP, operated under a different partnership structure. Coremont distributed £25m among three partners—COO Bevan Kaminer, CEO Jev Mehmet, and lawyer James Cousins—plus a Jersey-related holding entity (C1 Holdings Limited) during the year ending March 2020. Coremont's disclosed key management personnel costs totaled £2.8m in salary, indicating that the majority of Coremont's £25m distribution represented partnership profit rather than base compensation.
Away from the partnership structures, non-partner employees at Brevan Howard Asset Management Services earned materially less. The entity employed 100 support staff during the reporting period, though specific salary data for this cohort was not disclosed in the available accounts. Industry compensation benchmarks and employee review platforms suggest support and mid-level staff earn substantially below partner distributions, though precise figures remain proprietary.
The March 2020 accounts predate the firm's strong 2020 performance. Brevan Howard's U.S. Rates Opportunities Fund subsequently returned 99% for the year, while Golchin's Geneva-based strategy delivered 60.5%, though 2020 compensation details have not been publicly disclosed.
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