Brevan Howard cuts back on office perks like gym and kitchen

A
general view of the London skyline on October 24, 2013 in London,
England.
Dan Kitwood/Getty
Images

• Hedge fund Brevan Howard has cut floor space at its
  London headquarters, Bloomberg reports.
• The space was used for a gym, kitchen, meeting areas,
  and reception.
• Brevan Howard suffered its worst ever year in 2017 but
  has been bouncing back in 2018.

LONDON — Hedge fund Brevan Howard has cut back on perks and space
in its head office,
according to a report from Bloomberg.

Bloomberg reported Tuesday that Brevan Howard, which is believed
to manage around $8 billion, has cut down on the floor plan of
its London head office, axing space used as a gym, kitchen,
meeting areas, and reception. Staffing numbers are understood to
be unaffected.

Brevan Howard declined to comment when contacted by Business
Insider.

The hedge fund is not alone in the City in cutting back on perks.
In May it emerged that
Deutsche Bank has cut back on fresh fruit deliveries for staff as
part of a drive to cut costs. The exact rationale for Brevan
Howard’s move to cut space is unclear.

Brevan Howard, which was founded in 2003, suffered its worst-ever
annual loss last year,
with assets under management declining by 5.4%. However,
performance has rebounded so far this year, according to
Bloomberg. A new fund launched by cofounder Alan Howard last year

gained over 35% in May, according to the Telegraph.

Separately,
Reuters reported on Wednesday that Brevan Howard is planning
to launch a new fund aimed at profiting from shifting monetary
policy, with interest rates expected to rise globally in the
coming years.