Reuters - Leading hedge fund said to cut support staff

Receading Hedge

Leading European hedge fund firm Brevan Howard has cut around 50 support staff across its global operations, a source familiar with the matter on Friday said, as part of a plan to focus on its flagship macro-economic funds business.

Reuters reports that the move comes after a tough period for Brevan Howard's about $20 billion macro hedge fund, which recorded its first annual loss in 2014.

The fund was down 0.7 percent in September, resulting in a year to date loss of 1.1 percent, performance data seen by Reuters showed.

In a statement issued by the company, Brevan, which has offices in a slew of global financial centres including London, Geneva and New York, said it had cut the largely back and middle office staff following a decision to exit certain non-core funds.

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Hedge fund Brevan Howard lays off 50 support staff - source

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