Brevan Howard's portfolio managers are arriving at Deutsche Bank, Citadel
After a period of heady expansion, hedge fund Brevan Howard has been trimming staff. Around 12 portfolio managers were understood to be despatched in January 2025, following cuts of two dozen people in early 2024. As Brevan trims, its portfolio managers are turning up elsewhere.
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In London, Richard Wilson, a short term interest rate (STIRT) trader who spent three and a half years at Brevan, has just joined Deutsche Bank. In New York, Morad Masjedi, a mortgage trader who spent two months longer at Brevan Howard, has just joined Citadel after 18 months' garden leave. Wilson's arrival at Deutsche follows multiple exits from the London rates desk last year. Masjedi previously spent 14 and a half years at Goldman Sachs.
Citadel and Deutsche Bank declined to comment. Masjedi resigned from Brevan. It's not clear whether Wilson was among the cuts.
Other recent BH exits include Din Feng, another Brevan STIRT trader who's resurfaced at macro hedge fund Forada, and Jonathan Low, a trader who's gone to Millennium in Singapore.
Despite the cuts at the exits, headcount at Brevan Howard is still up substantially over a multi-year period. In 2019, the firm employed 150 people. Now it has 1,000. 150 are portfolio managers, down from 170 last year. The fund continues to hire.
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