Hedge fund Brevan Howard cut UK partners' profit distributions 36%

8 January 2026

2 minute read

If you're a partner at a hedge fund, you get a good salary. But you get a better bonus. At hedge fund Brevan Howard, newly filed UK accounts suggest bonuses in some areas of the business might have fallen quite a bit.

Brevan Howard didn't comment for this article. But accounts filed for Brevan Howard Asset Management LLP for the year ending March 2025 show that profit allocations to members in relation to operating activities fell 36% during the year, to £35m ($47m).

The cuts to profit allocations matched a 21% fall in operating profits over the same period. However, money assigned "remuneration charged as an expense" (presumably salaries) fell only 18%.

Brevan Howard Asset Management LLP doesn't have any employees. However, it does have "designated members" (AKA partners). These partners are currently two corporate entities: BH Partnership Holdings (registered in the Channel Islands) and Brevan Howard Asset Management Services (registered in London). Standard Brevan employees are at the latter entity, which is also filing accounts this week.

At this stage, the unconfirmed implication is the money from profits funnelled from Brevan Howard Asset Management LLP for bonuses at these two entities fell in the last financial year. Money assigned for salaries seems to have fallen by less.

Business Insider reported yesterday that Brevan Howard's Master Fund, which manages $11bn, generated returns of only 0.8% last year. Its Alpha Strategies fund, which also manages $11bn, returned 8%.

As we reported last year, Brevan Howard has made some job cuts, particularly to its technology team.

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