Brevan Howard Hedge Fund Joins the Rush to Crypto With New Unit
Hedge fund Brevan Howard Asset Management has formed a new unit to manage cryptocurrency and digital assets, signaling its rising interest in the rapidly developing asset class.
The London-based investment firm, best known for its macro trading focus, said the creation of BH Digital aims to expand its reach in the crypto market. It also named Colleen Sullivan, chief executive officer and co-founder of CMT Digital, as head of its private and venture investment activities in the sector, according to a statement on Monday.
The move “underscores the firm’s commitment to rapidly expanding its platform and offerings in cryptocurrencies and digital assets,” Aron Landy, chief executive officer of Brevan Howard, said in the statement.
The new unit follows a decision by Brevan Howard earlier this year to start investing up to 1.5% of its flagship hedge fund’s capital in digital assets. Its co-founder Alan Howard also invests his personal money in the sector and recently acquired a 25% stake in One River Asset Management, a firm whose cryptocurrency funds are backed by Howard.
The volatility of cryptocurrencies has turned into a hot topic among veteran investors. While billionaire Paul Singer has long called the sector’s boom a fraud, Brevan Howard has joined the likes of hedge fund titans Paul Tudor Jones and Marc Lasry in betting on digital assets.
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