Brevan Howard top executive steps down as star hedge fund looks to cut costs

 
Oliver Gill
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Brevan Howard delivered stellar returns in the years after the financial crisis (Source: Getty)

A top exec at Brevan Howard has quit as the iconic hedge fund weighs up closing offices and cutting jobs.

Jev Mehmet has resigned as chief operating officer and is currently working out a notice period, City A.M. understands. He will be replaced by an existing employee at the firm, Bevan Kaminer.

Meanwhile, Brevan Howard has placed its Israeli office under review and is considering headcount reductions in New York.

Read more: Brevan Howard experiences revenue dip in 2014

Brevan Howard declined to comment.

It emerged last week that founder Alan Howard – one of the UK’s wealthiest fund managers – has returned to Britain after seven years based in Switzerland.

Star trader Howard dazzled in the years that followed the financial crisis. He delivered returns of 25.2 per cent in 2007, 20.4 per cent in 2008, and 18.6 per cent in 2009 making his fund house one of Britain’s best-known money managers.

Read more: Hedge funds don't need masses of assets under management to make a profit

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