Brevan Howard, one of the City’s best-known hedge fund managers, has launched a search for a U.S. board chairman, sparking industry talk of a potential IPO for the $23 billion asset manager.
Sky News learned about it Brevan Howardwhich was co-founded by billionaire Conservative Party donor Alan Howard, is working to find a new face for the firm.
According to a job posting seen by Sky News, the firm is looking for “an independent US-based chairman to provide leadership and management to its board and help accelerate the company’s ambitious growth plans”.
It says the selected candidate will have “an established and ongoing track record in the broader US financial services sector and will have worked at the highest level in such organizations.”
“The candidate will be well known in the US institutional investor community and will have extensive relationships.”
One senior City official said the process was aimed at preparing Brevan Howard for an initial public offering, although there was no suggestion such a move was imminent.
One of the Jersey-based fund’s strategies is already listed on the London Stock Exchange.
In total, the firm manages about $23 billion in client assets, according to insiders.
Brevan Howard is part of a group of hedge funds that manage billions of dollars in assets and have become important players in global financial markets over the past decades.
The founders of the most successful hedge fund managers have achieved rock star status in the financial world, making billions of dollars for themselves, their employees and their clients.
Mr Howard has become an influential figure, partly due to Brevan Howard’s success over the past two decades, but also because of his growing interest in areas such as cryptocurrencies, where he set up a separate business, Elwood Asset Management, to oversee his interests.
Brevan Howard was founded in 2002 by Mr. Howard and a group of his colleagues from Credit Suisse.
He moved to Geneva before returning to London in 2017.
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In 2019, he stepped down as CEO of Brevan Howard, handing over day-to-day management of the firm to Aaron Landy.
A spokesman for Brevan Howard said: “Brevan Howard has no plans to seek a public listing.”
The firm has had an independent chairman in James Vernon, one of its co-founders, for “many years,” according to a source close to the firm.
The new chairman will replace Mr. Vernon, with an appointment expected next year.