LONDON (Reuters) - Brevan Howard Asset Management’s Mark Hillery has stepped down as a partner, according to a filing by the hedge fund firm with Britain’s Companies House and to a source with direct knowledge of the matter.
Hillery, a former trader at Tudor Capital, had joined Brevan Howard, one of Europe’s biggest hedge fund firms, in 2009. He traded for the firm’s macro hedge fund strategies that bet on economic trends in asset classes such as currencies and rates.
“He voluntarily ceased to be an active partner but remains a consultant with a close ongoing relationship with the firm,” the source said.
A Companies House filing on Sept 18 showed Hillery’s appointment was terminated, although records with Britain’s market regulator the Financial Conduct Authority still show him registered as an executive at Brevan Howard.
A spokesman for Brevan Howard declined comment.
The move comes after a tough period for Brevan Howard’s main macro hedge fund, which recorded its first annual loss last year. The fund lost about 1 percent in August, cutting its year-to-date gain to just under 1 percent, according to the fund’s performance data seen by Reuters.
Reporting by Simon Jessop and Nishant Kumar; editing by Carolyn Cohn