(Reuters) - Alan Howard, founder of UK’s Brevan Howard Asset Management, will step down as the chief executive officer by the end of 2019 to focus on trading activities, the company said on Tuesday.
Aron Landy, who is currently the chief risk officer, will take over the chief executive's position, the company said bit.ly/2pcmTHj in a regulatory filing.
“Going forward, Alan will focus on his own trading activities and will of course remain closely involved with the firm’s investment strategies,” the asset management firm said.
“It is important to understand that this is a process that has been unfolding for a number of years. As such, it is a formalising of the responsibilities that Aron has been exercising for some time,” a source familiar with the matter told Reuters.
In 2017, Howard started his own AH fund, which he solely managed.
Brevan Howard Master Fund and Brevan Howard Alpha Strategies MF have grown 7.5% and 11.29% respectively this year through Sept, according to figures seen by Reuters.
Howard founded Brevan Howard along with four former colleagues from Credit Suisse and quickly gained assets based on savvy macroeconomic bets.
Landy, who has been part of the company as CRO since 2003, managed an equity fund at Millennium Global Investments before joining Brevan Howard.
Reporting by Simon Jessop in London, Aakriti Bhalla in Bengaluru; Editing by Lisa Shumaker