Billionaire Alan Howard Is Raising More Cash After His Hedge Fund Soared 100% 

(Bloomberg) --

A hedge fund that billionaire Alan Howard personally manages is raising another $500 million after doubling investors’ cash in the early days of the pandemic.

His Brevan Howard AH Master Fund is in talks with investors to raise the extra cash, people with knowledge of the matter said. The fund will take in new money until January, the people said, asking not to be identified because the information is private.

A spokesman for Jersey-based Brevan Howard Asset Management declined to comment.

Howard’s hedge fund surged about 100% amid the volatility sparked by the pandemic that locked down economies from the U.S. to Asia. The returns marked one of the most profitable money-making phases of his trading career, helping his investment firm win new clients and start to recover from years of mediocre returns.

Firm-wide assets, which had dwindled to about $6 billion at the start of last year from more than $40 billion in 2013, have begun rising. Brevan Howard managed $10.6 billion at the end of August, according to an investor document seen by Bloomberg.

The billionaire joins a cohort of hedge fund peers raising new money this year as rising volatility in global markets creates a fertile hunting ground for trading gains.

The AH Master Fund started trading in 2017 to make riskier bets in order to achieve high returns. Howard invests his own money, capital from the firm’s flagship hedge fund and a handful of external investors. Brevan Howard keeps every detail of the fund top secret.

It’s unclear how much money the fund runs currently.

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