LONDON (Reuters) - Brevan Howard, one of the world’s biggest hedge fund managers, is to shut its $2.3 billion emerging markets portfolio after a bout of poor performance, a source familiar with the matter told Reuters on Tuesday.
The fund, which fell 15 percent last year and a further 1.6 percent so far this year, will shut with immediate effect and manager Geraldine Sundstrom will leave the firm, the source said.
Brevan Howard declined to comment.
The fund had risen 14 percent in 2012 but was caught out by a sell-off in emerging markets bonds and stocks last year on concerns about the pace of China’s economic growth and the shift prompted by expectations the Federal Reserve would start scaling back its huge bond-buying programme.
Brevan is best known for its $28 billion Master fund, a macro hedge fund that has never had a down year and which last year gained 2.7 percent.
Editing by Patrick Graham