The largest European hedge fund firm is shutting down its $2 billion emerging market fund.
Financial Times reported that the Jersey-based Brevan Howard made the decision to close the fund over the weekend following a 15% loss last year as investors began to scale back their exposure to developing economies amid rising concerns about the impact of tighter U.S. monetary policy on certain emerging countries.
Geraldine Sundstrom, who oversees the emerging market fund, will depart the firm as a result of the fund’s closure. Additional details regarding Sundstrom’s departure were not disclosed.
With approximately $40 billion in assets under management, Brevan Howard has expanded its international operations with the opening of a New York office in 2012.