Credit trader David Warren’s DW Investment Management has signed an agreement to assume full management responsibility of about $6bn that it currently invests for Brevan Howard Asset Management.
Under the deal, the two Brevan’s credit funds advised by Warren will move to DW by the start of next year.
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The agreement will see Brevan acquiring a stake in DW, which will then continue to advise other funds for the firm.
BH Credit Catalysts said: "The change in management of the Master Fund would lead to proposed changes in relation to the management and structure of the company, as well as a change in the company’s name, which will require the approval of the company’s shareholders. Further details will be supplied to shareholders as soon as they are available, most probably within the next four weeks."
DW Investment trades credit strategies including distressed and corporate debt and manages the Brevan Howard Credit Catalysts Master Fund and Brevan Howard Credit Value Master Fund since its inception in 2009.
Brevan, founded by Alan Howard in 2002, manages about $36bn.
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