A founding partner left Brevan Howard's London office for the Jersey office

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Luc Pajot

One of the founding partners of Brevan Howard Asset Management has migrated from London to Jersey.

Luc Pajot, a former Credit Suisse trader who joined the macro hedge fund in 2003 shortly after it was founded by fellow ex-Credit Suisse trader Alan Howard, has left the fund in London according to a filing with Companies House and transferred to Jersey. The Financial Conduct Authority Register confirms that Pajot left Brevan Howard's London operation on January 30th.

The rate of income tax in Jersey is a mere 20%. Brevan Howard has had an office on the island for over a decade. Other of its portfolio managers based there include Magnus Olsson, who arrived in 2009, and Paul Roberts, who joined the fund in 2014.

Pajot's decision to emigrate follows a difficult year for Brevan Howard. In 2017 it suffered its biggest annual loss of 5.4% in a difficult year for macro funds. Assets under management are down 75% from their peak to "just" $40bn.

After 15 years at the fund, Pajot is likely to have amassed a substantial nest egg. Brevan Howard's most recently available accounts, for the year ending March 31st 2017, indicate that the fund had £52m in profits for division between its 28 partners last year, although £37m of this went to the highest paid partner (likely Howard himself).

Brevan Howard currently has 67 employees registered with the London Financial Services Authority, down from 74 this time last year. Five other partners left the London operation in the year to March 2017. One former Brevan Partner, Roberto Hoornweg is now head of the markets business at Standard Chartered.  A former Brevan portfolio manager, Shawn Cooper, joined Orchard Global Asset Management in October.

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