Billionaire Alan Howard's hedge fund, Brevan Howard Asset Management, has opened two funds to additional outside investors, a source with direct knowledge of the matter told Reuters. A cash-raising drive for these funds, which will invest in stocks and bonds and allow investors to get their money out daily and avoid a performance fee, comes as the firm's main fund - which is already open to outside investors - has struggled with performance and shed assets.
Investors have pulled billions of dollars from Brevan's main fund in recent years to leave assets at $17.6 billion at the end of March, down from about $27 billion two years ago. Last November the firm laid off 50 support staff.