In a year marked by global market turbulence, macro-focused hedge funds have defied the odds—many capitalizing on sharp moves in bonds, short-term rates, and commodities. According to Bloomberg, macro hedge funds posted an average gain of 5.4% in the first quarter alone. Yet, just as this strategy regains its spotlight, a seismic shift has occurred: Alan Howard, widely hailed as the "God of Macro," has quietly stepped away from managing client capital at Brevan Howard, the firm he co-founded.
This move marks not just a personal transition but a symbolic end to an era defined by individual brilliance in macro investing.
From Trader to Legend: The Rise of Alan Howard
Alan Howard’s journey from a derivatives trader at Credit Suisse to one of Europe’s most successful hedge fund managers is the stuff of financial folklore. In 2002, alongside four colleagues—Jean-Philippe Blochet, Christopher Rokos, James Vernon, and Trifon Natsis—he left Credit Suisse to launch Brevan Howard, a macro hedge fund that would peak with $40 billion in assets under management.
His reputation was forged in crisis. In 2007, well before the subprime mortgage collapse became mainstream news, Howard sensed danger. He drastically reduced leverage on bond positions. The result? A 25% return for the year—while much of Wall Street teetered on collapse.
Then came 2008. While global markets imploded, Howard doubled down on risk mitigation: cutting credit default swap exposure by half and slashing the firm’s bond portfolio from $50 billion to $10 billion. Brevan Howard delivered a stunning 20.4% return—versus a 19% average loss across the macro hedge fund industry.
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But it was 2020 that cemented his legendary status.
As pandemic fears sent markets into freefall, Howard’s personal fund—The AH Master Fund, launched in 2017—achieved a jaw-dropping 100% annual return. While renowned investors like Ray Dalio faced losses, Howard’s macro foresight turned crisis into opportunity. Most gains came during March 2020’s volatility spike, proving once again his uncanny ability to anticipate systemic shifts.
Strategic Evolution: Brevan Howard’s Post-Howard Future
Howard’s gradual retreat began years ago. He stepped down as CEO in 2019 but continued managing select funds. Now, according to Bloomberg sources, he has fully withdrawn from active management—returning investor capital and exiting the flagship fund’s monthly reports.
This transition reflects a broader strategic pivot led by Aron Landy, former Chief Risk Officer and now central to Brevan Howard’s leadership. The goal? Reduce reliance on any single individual or strategy.
“I’ve focused on building Brevan Howard into a diversified alternative asset manager,” Landy said. “We’ve made significant progress—and this evolution allows us to attract more capital and deliver stronger returns.”
The transformation is already visible:
- Fund offerings have expanded beyond macro and interest rate strategies to include liquidity credit and systematic trading.
- The firm now manages around $20 billion, with over 100 portfolio managers (up from 30 in 2019).
- Its flagship fund returned 11% year-to-date through April 8, 2025.
Managers like Fash Golchin, Louis Basger, Minal Bathwal, Alfredo Saitta, and Ville Helske now run independent strategies feeding into core funds—signaling a shift toward institutional resilience over star-driven performance.
Beyond Traditional Markets: Alan Howard’s Crypto Vision
Howard’s influence extends far beyond traditional finance. A pioneer in institutional crypto adoption, he began publicly disclosing personal cryptocurrency holdings in 2018 and invested early in Block.one, the developer of EOS, and Bakkt, the digital asset platform backed by ICE (Intercontinental Exchange).
He also co-founded Elwood, a digital asset research firm with former Brevan Howard CIO Bin Ren. Elwood launched the Elwood Blockchain Global Equity Index and partnered with PwC to publish the first comprehensive report on crypto hedge funds in 2019.
That same year, Elwood teamed up with asset management giant Invesco to launch the Elwood Global Blockchain ETF—the UK’s first blockchain-themed ETF, listed on the London Stock Exchange.
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Beyond public products, Howard backed early-stage crypto ventures:
- Led a $15 million seed round for Bottlepay, a crypto payments startup (2020).
- Invested in Copper.co, a crypto infrastructure provider ($25 million, 2021).
- Funded Kikitrade, an Asian crypto investment platform ($12 million).
- Co-led a $25 million raise for Komainu, a digital asset custodian backed by Nomura and Ledger.
Even as he stepped back from day-to-day fund management, Howard remains deeply involved in Brevan Howard’s digital asset expansion—a testament to his belief in blockchain’s long-term potential.
Why This Shift Matters for Investors
Howard’s departure underscores a critical trend: the decline of the "star manager" model in favor of scalable, diversified systems. As institutional investors increasingly favor multi-strategy platforms, firms like Brevan Howard are adapting—not by replacing one genius, but by building enduring infrastructure.
Moreover, rising inflation and monetary uncertainty have renewed interest in alternative hedges. As JPMorgan noted, many institutions now view Bitcoin as a more effective inflation hedge than gold—a thesis Howard appears to support through both personal and firm-level investments.
Frequently Asked Questions (FAQ)
Q: Why is Alan Howard called the "God of Macro"?
A: He earned the nickname due to his exceptional track record in predicting macroeconomic turning points—delivering strong returns during the 2008 financial crisis and achieving a 100% return in 2020 amid pandemic-driven market turmoil.
Q: Is Alan Howard completely leaving Brevan Howard?
A: While he no longer manages client funds or products, he remains involved in strategic initiatives, particularly around digital assets and long-term vision.
Q: What happened to The AH Master Fund?
A: Details remain confidential, but sources confirm Howard returned capital to investors and exited reporting channels in early 2022.
Q: How has Brevan Howard performed after Howard’s exit?
A: The flagship fund returned 11% year-to-date as of April 8, 2025, showing resilience under new leadership and diversified strategies.
Q: Is Brevan Howard investing heavily in crypto?
A: Yes. Through stakes in One River Asset Management, Komainu, Copper.co, and other ventures, the firm has committed hundreds of millions into blockchain infrastructure and digital assets.
Q: Can individual investors access Brevan Howard funds?
A: Typically reserved for institutional and high-net-worth clients; retail access is limited.
Alan Howard’s legacy isn’t just defined by returns—it’s etched in how he anticipated change before it arrived. From crisis-era macro bets to early crypto adoption, his career mirrors the evolution of modern finance itself.
As Brevan Howard moves forward without its founding star at the helm, the real test begins: can a culture of innovation outlast the genius who started it?
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