Bloomberg News

Brevan Howard Trader Cecere Resigns From London Hedge-Fund Firm

June 27, 2013

Christopher Cecere, who Japanese regulators accused of trying to manipulate interest rates when he worked at Citigroup Inc. (C:US), has resigned from hedge-fund firm Brevan Howard Asset Management LLP.

Cecere, an American who worked in Brevan Howard’s Geneva office, stepped down last week for “personal reasons,” said Max Hilton, a spokesman for the London-based firm at Peregrine Communications. Cecere worked for Citigroup in Tokyo as head of Group of 10 trading and sales for Asia before leaving the New York-based bank in 2010.

Japan’s Financial Services Agency said in a December 2010 administrative case that Cecere and another trader asked bankers to alter data they submitted while setting a benchmark Japanese lending rate. The regulator penalized Citigroup without taking action against the employees. Cecere, in a February 2012 interview, denied wrongdoing, saying regulators never questioned him and that he left Citigroup in good standing.

Cecere didn’t respond to a message left on his mobile phone or an e-mail today. His resignation from Brevan Howard was reported earlier by the Wall Street Journal.

Brevan Howard, with $40.1 billion of assets under management, is Europe’s second-biggest hedge-fund firm after Man Group Plc. (EMG)

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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