Funds News

Brevan Howard hedge fund axes management fees for some current investors

LONDON (Reuters) - Hedge fund firm Brevan Howard, one of Europe’s largest, will cut its main Master fund and its Multi-Strategy fund’s management fees to zero for some current investors, a source close to the matter told Reuters.

The $14.5 billion main fund, which has suffered back-to-back annual losses, joins a string of other hedge funds in lowering fees as they battle to woo investors.

Brevan will cut fees from Dec. 1 but will still charge a 20 percent performance fee.

Multi-manager hedge fund Caxton told investors this month that it was cutting fees after Och-Ziff Capital Management and Tudor Investment Corp made similar moves.

Reporting by Maiya Keidan; Editing by David Goodman