Bloomberg News

Brevan Howard Said to Hire Goldman Sachs Credit Trader Leslie

November 02, 2012

Brevan Howard Asset Management LLP, Europe’s second-largest hedge fund, hired Goldman Sachs Group Inc. credit trader Wayne Leslie, said a person with knowledge of the matter.

Leslie, who headed European investment-grade trading at Goldman Sachs, will work for Brevan Howard in London, said the person, who asked not to be identified because the information is private.

Brevan Howard, which oversees $39 billion, hired the credit trader as hedge funds focused on debt outperform the rest of the industry. Funds investing in corporate bonds have gained 8 percent this year on average through September, beating the 4.9 percent return for the broader industry, according to Chicago- based Hedge Fund Research Inc.

Sophie Bullock, a spokeswoman for New York-based Goldman Sachs (GS:US), confirmed that Leslie left the bank last month. She declined to comment further. Leslie and officials at London- based Brevan Howard declined to comment.

Traders have been leaving banks as lenders cut risk-taking and bonus payments following the 2008 credit crisis. Antoine Cornut, who led flow-credit trading in Europe and the Americas for Frankfurt-based Deutsche Bank AG, plans to start his own hedge fund after resigning from the lender in July, two people familiar with the matter said last month.

Brevan Howard’s main fund posted a 1.5 percent gain this year through Oct. 19, according to a person with knowledge of the returns. Competing macro funds, which bet on interest rates, stocks, bonds and currencies based on global economic trends, rose 0.9 percent on average this year through September.

Alan Howard, 49, started Brevan Howard 10 years ago with four other fixed-income traders from Credit Suisse Group AG.

To contact the reporter on this story: Jesse Westbrook in London at jwestbrook1@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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