According to reports, Brevan Howard (Brevan Howard) is one of Europe’s largest hedge funds, with $13.7 billion in assets under management, and is preparing to start buying cryptocurrencies. The investment company previously bought a 25% stake in One River Asset Management, which runs many cryptocurrency funds.
Major hedge funds start investing in cryptocurrencies
Bloomberg quoted people familiar with the matter as reporting that the investment management company Brewan Howard is preparing to start buying cryptocurrencies. The company’s cryptocurrency investments will be overseen by Distributed Global co-founders Johnny Steindorff and Tucker Waterman. Distributed Global is an asset management company focusing on digital assets.
Brevan Howard was founded in 2002 and claims to be “one of the world’s leading global macro absolute return managers.” The company manages assets for global institutional investors, including sovereign wealth funds, corporate and public pension plans, foundations and endowments. The group has offices in London, New York, Geneva, Jersey, Hong Kong, Washington and Singapore. According to “Business Insider” reports, the company’s assets under management are $13.7 billion.
Brevan Howard’s fund manager believes that the cryptocurrency market has matured significantly, which has led the company to decide to start investing for its clients. The publication quoted the person as saying:
The hedge fund is looking to invest in a range of assets, not just Bitcoin. Brevin will initially invest 1.5% of its main $5.6 billion fund in cryptocurrencies.
According to data from Eurekahedge, the cryptocurrency fund grew by 116.8% in the first quarter of this year, outperforming the Bitcoin return in the same period. In contrast, global hedge funds grew by 4.8% in the first quarter of this year.
Brevan Howard already has some exposure to Bitcoin. Last year, the company bought a 25% stake in One River Asset Management, which runs many cryptocurrency funds and invests in Bitcoin and Ethereum. The company said in December that its holdings of two cryptocurrencies will reach $1 billion early this year. Its CEO and co-founder Eric Peters predicts that the value of Bitcoin will exceed that of gold, which is valued at $500,000.
Meanwhile, Alan Howard, co-founder of Brevan Howard, is an investor in Distributed Global. He also supports multiple companies in the crypto sector, including the British Bitcoin payment application Bottlepay.
What do you think about Brevan Howard’s entry into cryptocurrency? Let us know in the comments section below.
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