Brevan Howard is looking for strong macro PMs to come and work on their Alpha Strategies. Main asset classes traded are rates & fx across DM and EM. Currently, one area where they are lacking is US + Scandi + LatAm rates.
Vol: do not really operate on Vol limits. The most important thing is Sharpe Ratio. If they can meet someone for example that has been able to average 8% returns with 4% vol (Sharpe of 2) they would be very happy. They would even potentially consider someone who has been able to generate 8% returns with vol of 6% (Sharpe of 1.5), however the higher the Sharpe the better. They have not ruled out speaking with people that historically might have a Sharpe below 1 (eg. higher Vol that returns), however this will all be on a case by case basis. And the 8% is just an example – lower returns are also fine, however it depends. The most important thing for them is that someone can come in and move the needle. Someone running a $100m book that generates 4% returns with 2% vol will probably not move the needle too much (generating $4m in returns). They are happy to speak with anyone interesting though.
What is on offer:
- They will write a competitive contract to rival any other firms
- Idea sharing culture - everyone chats and there is a collegial feel to the environment (different from many other HFs)
- Research is thrown in and people can use what they want
- The role would involve sitting close to a core group of traders that have been at BH for a long time and are happy
- Roles can be based in London, Geneva, or NY
- People are looked after well
- Analytics - BH can build PMs whatever they need in terms of tools, dashboards etc
- Great risk management practices in place
- Typically, these PMs would come in and manage capital for the Alpha Strategy. If people do very well and clients want them are star managers, this is also a possibility down the line (BH has opened up star manager books to clients externally)
- They would also consider systematic PMs with a Sharpe of 1+
- Aaron Landy - Chief Risk Officer - Is the key guy in charge of Alpha Strategies
- They are looking for adults that can manage their own books