Hedge fund Brevan Howard building 100-person hub in India

Major hedge funds like Millennium and DE Shaw have built out sizeable tech hubs in India in recent years, and more are following suit. The latest to do so is Jersey-based hedge fund Brevan Howard, which is in the early stages of building a big new office in Bangalore.

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Earlier this month, the fund created a new entity, 'Brevan Howard India Private Limited,' in Bengaluru. The fund's global CTO Mike Sanders is a registered director of the entity and will spend time working in the region, but is thought to still be working out of London. 

The fund has been operating in India for some time already via contractors. It plans to convert some of those to full-time employees but will also be hiring externally, with the intention of reaching a headcount of ~100 in the region across multiple functions, not just technology.

So far, Brevan Howard has been relying on ex-banking technologists in the region. In August, it hired Sumit Chaturvedi as head of front office technology for India; he was a VP at both HSBC and Citi, and was most recently India head of XVA technology at Wells Fargo. Praveen Deo, another ex-HSBC VP, joined two months later as head of front office risk technology.

Brevan Howard is still looking for a location to build its office, but is hoping to start moving staff in as early as this fall. 

Another hedge fund in the throes of an Indian expansion is Point72. CTO Ilya Gaysinskiy told Business Insider that the fund is expanding into Bengaluru this year. It established its own Indian entity back in March and intends to create a hub for back office 'investment services' with a focus on technology. It has yet to find someone to run its Indian operations, however.

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