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 had previously bought a 25% stake in One River Asset Management, which operates a number of cryptocurrency funds.
Large hedge fund starting to invest in cryptocurrencies
Investment management firm Brevan Howard is reportedly preparing to buy cryptocurrencies, Bloomberg reported, citing a person familiar with the matter. The company’s cryptocurrency investments are overseen by Distributed Global co-founders Johnny Steindorff and Tucker Waterman. Distributed Global is an asset management company focused on digital assets.
Brevan Howard was founded in 2002 and describes himself 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 public pension plans, trusts and trusts. 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 under management.
Brevan Howard’s fund managers believe the cryptocurrency market has matured significantly, which has led 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 fund of $ 5.6 billion in cryptocurrencies.
According to data from Eurekahedge, crypto funds gained 116.8% in the first quarter of this year, outperforming Bitcoin’s return over the same period. By comparison, global hedge funds rose 4.8% in the first quarter of the year.
Brevan Howard already has some bitcoin exposures. Last year, the company bought a 25% stake in One River Asset Management, which operates a number of cryptocurrency funds and invests in Bitcoin and Ether. The company announced in December that its holdings of the two cryptocurrencies would hit $ 1 billion earlier this year. Its CEO and co-founder Eric Peters expects Bitcoin to be worth more than gold and values the cryptocurrency at $ 500,000.
Alan Howard, co-founder of Brevan Howard, is now an investor in Distributed Global. He has also supported a number of companies in the crypto space, including the UK bitcoin payment app Bottlepay.
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