Brevan Howard shrinks size of its London office

LONDON: Brevan Howard Asset Management, the hedge fund manager run by billionaire Alan Howard, has shrunk the size of its London headquarters, cutting back on space previously used as a gym, kitchen, meeting area and private reception, two people with knowledge of the downsizing said.

Slowing asset growth and lackluster returns in recent years have forced money managers worldwide to pare back costs. Brevan Howard didn’t renew its lease for the ground floor of the office, a move that cut the size of its rental space by more than one-fifth, the people said, asking not to be identified because the move hasn’t been publicly disclosed.