- 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.