Emerging market turmoil claims big hedge fund scalp
We've got our first victim.
Brevan Howard is shutting down its $2.3bn emerging market fund – after it lost more than 15 per cent last year, and it's lost around 1.6 per cent this year.
Those losses came during a time of some not inconsiderable pain for emerging market investors. In 2012, that same fund rose 14 per cent, but got caught in last year's sell-off.
The manager of Brevan Howard's emerging market fund, Geraldine Sundstrom, is leaving the company.
I give Brevan Howard credit for declaring their EM vertical a non-core competency and severing it.
— Ivan the K™ (@IvanTheK) February 11, 2014