Brevan Howard, one of Europe’s largest hedge funds with $ 13.7 billion in assets under management, is reportedly set to start buying cryptocurrencies. The investment firm previously bought a 25% stake in One River Asset Management, which manages a number of cryptocurrency funds.
Great hedge fund to start investing in cryptocurrencies
Investment manager Brevan Howard is reportedly preparing to buy cryptocurrencies, Bloomberg reported, citing a person familiar with the case. The company’s cryptocurrency investments will be overseen by Distributed Global co-founders Johnny Steindorff and Tucker Waterman. Distributed Global is an investment manager focusing on digital assets.
Founded in 2002, Brevan Howard describes herself as “one of the world’s leading global macro absolute return managers.” The company manages assets for institutional investors around the world, including sovereign wealth funds, corporate and government retirement plans, foundations and endowments. The group has offices in London, New York, Geneva, Jersey, Hong Kong, Washington and Singapore. According to Business Insider, the company has $ 13.7 billion in assets under management.
Brevan Howard’s fund managers believe that the cryptocurrency market has matured significantly, leading to the company’s decision to invest for its clients. The publication quoted the person as saying:
The hedge fund wants to invest in a range of assets, not just bitcoin. Brevan would initially invest up to 1.5% of its main $ 5.6 billion fund in cryptocurrencies.
Crypto funds were up 116.8% in the first quarter of this year, ahead of bitcoin’s returns over the same period, according to data from Eurekahedge. In comparison, global hedge funds were up 4.8% in the first quarter of the year.
Brevan Howard already has some exposure to bitcoin. Last year, the company bought a 25% stake in One River Asset Management, which manages a number of cryptocurrency funds and invests in bitcoin and ether. The company said in December that ownership of the two cryptocurrencies would reach $ 1 billion early this year. The CEO and co-founder, Eric Peters, expects bitcoin to be worth more than gold and values the cryptocurrency at $ 500K.
Meanwhile, Alan Howard, the co-founder of Brevan Howard, is a Distributed Global investor. He has also backed a number of companies in the crypto space, including the British bitcoin payment app Bottlepay.
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