Brevan’s Ex-Star Trader Contesting Non-Compete Restriction 

Chris Rokos Claims 5-Year Hedge Fund Restriction is “Contrary to the Public Interest”

Former Brevan Howard Asset Management LLP star trader Chris Rokos, who is contesting a noncompete restriction with the hedge fund, twice made more than $1 billion in trading profits in a single year, according to court filings.

Mr. Rokos, a Brevan co-founder who resigned in 2012, claims in the filings that a five-year restriction on him launching a new fund is “contrary to the public interest.”

The documents, part of a case in the Royal Court of Jersey against Brevan Howard (Jersey) LP, are a rare look into the secretive workings of one of the world’s biggest hedge fund firms.

Filings made public by the court Tuesday show that Mr. Rokos made $1.27 billion—or 30% of the flagship Master fund’s profits—in 2011.

They also show he made $1.11 billion in 2007—equivalent to 27% of the fund’s total profits that year. In 2009, Mr. Rokos scored $933 million of profits for the fund.

But in 2012, Mr. Rokos lost $383 million for the year before he resigned from Brevan.

Representatives for Mr. Rokos and Brevan both declined to comment.

Mr. Rokos is now running a family office in London’s upmarket Mayfair district. He still receives a share of profits from Brevan.

Brevan manages around $37 billion and its flagship $26 billion Master fund has made money in every full calendar year since it was launched, including large gains during the credit crisis.

But, like many macro funds, it has struggled this year. It lost money in each of the first six months of the year and is down 3.7% this year to the end of July.

 

Source: wsj

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