London-based hedge fund firm Brevan Howard has moved the bulk of its operations out of the U.K. to avoid increasing regulations in the European Union.
Financial Times reported that the firm has relocated dozens of jobs to the Channel Islands, Switzerland, Asia and the U.S. Brevan currently only has a “handful” of traders left in its London office after the Alternative Investment Fund Managers’ Directive took effect on July 22.
The article added that less than 200 of Brevan’s 450 employees now work out of London, compared to as recently as four years ago, when nearly all of its staff were based in the U.K.
Brevan hopes to have as many as 60 employees based on the Channel Island of Jersey by next year, while the firm expanded its U.S. presence recently through launching a new fund in partnership with a team of former Deutsche Bank market strategists in New York.
As Europe’s second-largest hedge fund firm, Brevan Howard manages about $40 billion in assets.