Brevan Howard Asset Management has cut about 7% of its trading workforce after two of its main hedge funds underperformed relative to peers last year.
The cuts affected roughly a dozen traders from Brevan Howard’s offices globally spanning New York, London and Abu Dhabi, people with knowledge of the matter said, asking not to be identified because the details are private. The firm is now left with almost 150 traders after the reduction, one of the people said.