Fund launches & closures

Brevan plots credit spin-off in bid to focus on core trading activities

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Brevan Howard, the $20 billion hedge fund firm led by Alan Howard, is looking at spinning out a separate credit fund as part of a move by the firm to focus on its core macro trading activities in liquid markets.

The new credit fund will be managed by David Warren, the former head of credit trading at Morgan Stanley who has been with Brevan Howard since early last year and who heads a team of some 15 people.

It is believed that Brevan Howard will make a significant allocation from its flagship fund to the new specialist credit vehicle. Although