A top Brevan Howard exec responsible for luring investment talent is leaving the $33 billion macro fund

  • A top exec at Brevan Howard is departing the $33 billion macro fund.
  • Peter Hornick, head of business development, is leaving, according to people familiar with the matter.
  • Brevan has lost money this year amid a broader route in macro trading.

Brevan Howard’s senior executive in charge of attracting top investment talent is leaving.

According to people familiar with the situation, Peter Hornick, the fund’s head of business development, is leaving amid a corporate reorganization. He joined ExodusPoint in 2020 after nearly two years in a similar role. For five years, he was also the global head of business development at Izzy Englander’s Millennium Management.

Brevan Howard’s spokesman declined to comment. Hornick did not respond to comment requests.

One of the people said that Brevan is restructuring its talent recruitment function, embedding business development leads within its trading strategies rather than having an independent team.

The $33 billion hedge fund, founded by macro trading billionaire Alan Howard, has tripled its assets in three years and expanded into a multi-strategy firm. In 2023, its performance has deteriorated. Through July, its Alpha Strategies fund, which manages approximately $14 billion, was down 1.7%. At the end of July, its master fund, which manages over $12 billion, was down 5.2%.

Many macro funds have struggled this year following a spring meltdown related to the regional bank crisis in the United States and the demise of Credit Suisse.

A significant investment in systematic trading is part of the firm’s recent diversification beyond its macro roots. According to people familiar with the situation, progress on that effort has been slow.

Update: September 6, 2023 — An earlier version of this story incorrectly identified the Alpha Strategies fund and Brevan Howard’s total assets under management.

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