(Bloomberg) -- Brevan Howard Asset Management's main hedge fund grew too large and will now be capped at $15 billion, founder Alan Howard said in an interview with the Financial Times.
The fund climbed to as much as $27 billion before falling to $14.2 billion at the end of August after two years of losses. Billionaire Howard said he has no plans to shut the fund. A spokesman for Brevan Howard confirmed the contents of the interview.
Brevan Howard focuses on macro-economic trends to bet on bonds, currencies, shares and commodities. The firm's main master fund lost 2.5 percent this year through August after losing almost 2 percent in 2015 and 0.8 percent in 2014, according to an investor report.
The poor performance has spurred withdrawals, prompting the firm to stop charging management fees on any new investments that existing clients make in two of its hedge funds, a person said last month.
To contact the reporter on this story: Nishant Kumar in London at nkumar173@bloomberg.net. To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Michael Shanahan, Keith Campbell
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