Looking back on a Brevan Howard high yield 'sweet spot'

By Rob Copeland

Tue Jun 11, 2013

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Absolute Return also revisits the launch of Goldman-seeded Manikay Partners.


One year ago

>> Brevan Howard Capital Management rolled out the Brevan Howard Credit Value Fund, the second launch from DW Investment Management in New York, which runs money exclusively for the London firm.

Between the official start of trading in March and the end of the year, the fund's Class A shares returned 17.88%, according to investor documents, compared with a 7.04% rise for the Absolute Return Credit Index. This year through the end of April, the fund is up 10.4%, more than doubling the comparable gain for the benchmark. Assets were not immediately available.

Full data for DW's flagship credit fund can be found here.

See also: Citadel builds options team with PM hires from Brevan Howard, others I Credit managers scoff at great rotation bond play

Five years ago

>> Former UBS Investment Bank prop trader Shane Finemore nabbed backing from Goldman Sachs to start arbitrage shop Manikay Partners.

The launch was said to target between $500 million and $1 billion at the start, and the team wound up beginning trading the Manikay Master Fund in August 2008 with $335 million. As of January 2012 Manikay managed $647 million. The firm crossed into the Absolute Return Billion Dollar Club with $1.01 billion of assets at the start of 2013.

Just last month, the firm moved into new offices adjacent to New York City's Bryant Park inside the Bank of America Tower, as a sublease of space from $8.6 billion Marathon Asset Management.

Manikay chief operating officer Sean McDuffy declined further comment.

See also: Goldman seeds long/short equity fund from ex-Elm Ridge team

ISSN: 2151-1845 / CDC10004H