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UPDATE 1-Hedge firm Brevan Howard sees profit jump
* Full year operating profit up 133 percent
* 460 mln stg distributed to members
* Fund returned 21 pct last year in tough markets
By Laurence Fletcher LONDON, June 3 (Reuters) - Brevan Howard Asset Management, Europe's biggest hedge fund firm, more than doubled its operating profit in the year to July 2008, helped by a strong performance from its flagship fund.
The firm made an operating profit of 503 million pounds ($835.2 million) in the year, up from 216 million pounds in the 12 months to July 2007, according to a regulatory filing.
Brevan Howard -- one of the few to navigate a tricky 2008 successfully, returning 21 percent from its main fund last year -- manages around $27 billion in assets.
It is controlled by Alan Howard who was the world's ninth-highest paid hedge fund manager in 2008 with pay of $250 million, according to Alpha magazine.
The filing shows the firm distributed 460 million pounds to its 34 members over the year.
Brevan Howard, which runs two listed vehicles, the 985 million-pound BH Macro (BHMG.L) fund and the 277 million-pound BH Global (BHGG.L), this week launched a credit trading hedge fund and is in the process of launching two Ucits III funds.
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