Brevan Howard has surpassed Man Group as Europe’s largest hedge fund firm.
According to The Hedge Fund Journal’s listing of the 50 largest European hedge funds, Jersey-based Brevan Howard—which manages approximately $40 billion in assets -- is currently the largest hedge fund in the region. Man Group, based in London, was knocked out of the top spot after its assets under management fell to $35.6 billion.
Brevan, which first expanded to the U.S. last year when Brevan Howard U.S. Investment Management was set up in New York, recently launched a new fund that will be managed by a team of former Deutsche Bank market strategists based in New York.
eVestment previously reported that investors redeemed about $11.5 billion in the first half of this year from Man Group, leaving the firm with $52 billion as of June 30. Man had $57 billion in AuM at the end of last year, after it experienced a nearly 60% increase in liquidations in the third quarter of 2012.
BlueCrest Capital Management, BlackRock and Winton Capital Management rounded out the top five spots with 34.22 billion, $28.7 billion and $24.8 billion in assets under management, respectively.
The report estimated that Europe’s top 50 hedge fund managers manage a total of $405 billion in assets.