After largely pulling out of the United States during the 2008 financial crisis, Alan Howard's Brevan Howard Asset Management is rebuilding its US presence.
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Brevan Howard, whose U.S. unit expanded to 16 people last month from two in June, is hiring as Wall Street banks shrink or eliminate trading desks and hedge funds struggle to profit from Europe’s sovereign-debt crisis and other global economic trends. The firm, whose main fund is on track for its second-worst year, is expanding to gain more insight into U.S. markets, attract traders and give employees the opportunity to relocate to New York, said one person with knowledge of the matter, who like the others asked not to be named because the information is private.
“Expanding in New York at this time is a smart move given how there’s a lot of blood on the street as banks and hedge funds cut talent,” said Gustavo Dolfino, president of New York- based recruitment firm WhiteRock Group LLC.