Brevan Howard Said to Profit as Macro Peers Lose on Brexit Chaos

(Bloomberg) -- Brevan Howard Asset Management LLP's main hedge fund made money on Friday when Britain's decision to leave the European Union roiled global markets, according to a person with knowledge of the matter.

The Brevan Howard Master Fund, which manages about $16 billion, gained 1 percent on June 24 and 0.45 percent last week, the person said, asking not to be identified because the information is private. A spokesman for the investment firm, run by billionaire Alan Howard, declined to comment.

The surprise Brexit vote has erased trillions of dollars from global equity markets and triggered volatility in currency markets, causing macro hedge funds to lose 0.55 percent on Friday, according to the HFRX Macro Index.

The fund, one of the largest macro hedge funds in Europe, bets on stocks, bonds and currencies and is recovering from a 2.1 percent loss in the first five months of the year. The fund had lost almost 2 percent in 2015, extending the previous year's 0.8 percent drop, a person familiar with the matter said in January.

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, Keith Campbell