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Brevan Howard has largely been firing people over the past year, but has just raided J.P. Morgan's CIO for a new FX and rates hire.

Brevan Howard turns to J.P. Morgan for new macro hire

Brevan Howard has been losing and laying off portfolio managers on its struggling global macro fund. However, it’s just turned to J.P. Morgan’s chief investment office (CIO) for a new hire.

Michael Benchitrit, a rates and FX portfolio manager at J.P. Morgan’s CIO, just joined Brevan Howard in a similar role. He worked at J.P. Morgan for over seven years after brief stints at SocGen and broker Louis Capital Markets.

Brevan Howard has generally been losing staff over the past few months, particularly those with macro expertise.

In February, FX strategist Oliver Brennan departed after close to 10 years at the hedge fund, while Chris Rivelli, an FX portfolio manager, left in December to join HSBC’s FX option trading team. Mark Deniston, the former head of rates swaps at Goldman Sachs who joined Brevan Howard in 2013, also left to head up Royal Bank of Scotland’s GBP rates trading team.

Brevan Howard cut fees on its BH Macro fund in October and waived an operational service charge after months of investor redemptions. In February, 48% of investors took up an offer to exit the fund.

In its annual report to March 2016, published in January, Brevan Howard said it had cut 32% of headcount to 122 people in London. It currently has 71 people registered with the Financial Conduct Authority, down from 76 at the beginning of 2016.

Contact: pclarke@efinancialcareers.com

Photo: Getty Images

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AUTHORPaul Clarke

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