DW Partners, a New York-based credit-focused multi-strategy asset manager, has taken over the management of two hedge funds previously run by Brevan Howard Capital Management, which has more than $5bn in assets.
In addition, DW has also replaced Brevan Howard as manager of the London-listed DW Catalyst Fund Limited.
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Previously, DW Partners served as an investment manager for the funds and was responsible for all investment decisions of the funds.
DW’s founder and CIO David Warren said: "We look forward to continuing our close relationship with Brevan Howard as we begin the next phase of our development as an asset management company.
"Importantly, as the credit markets continue to evolve, this transition will allow DW to respond more nimbly to changing environments. We will be able to access new opportunities and work with sophisticated clients to provide capital efficiently to credit markets," he added.
Founded by David Warren in 2009, DW manages in excess of $6bn in hedge fund assets, focusing predominately on corporate, structured and asset-backed investments.
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