Capital markets News

Brevan Howard acquires digital asset fund from Dragonfly

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In January, Brevan Howard Digital, the asset manager’s digital asset arm, announced that Kevin Hu was joining from Dragonfly Capital. Now Brevan Howard Digital has acquired Dragonfly’s long-short hedge fund, the Liquid Opportunities fund, according to Bloomberg, although the news has not been confirmed.

Hu managed the hedge fund along with Ashwin Ramachandran and Lawrence Diao. Ramachandran’s Linkedin profile confirms he left Dragonfly this month, and Diao’s account says he’s still with Dragonfly.

Kevin Hu is chief investment officer at Nova Digital, a Brevan Howard fund and is based in its new office in Abu Dhabi. Brevan Howard Digital now has a team of more than 60.

Dragonfly launched a third $650 million crypto fund in April 2022 and acquired hedge fund MetaStable Capital four months later. MetaStable had been co-founded in 2014 by Naval Ravikant. Bloomberg reported that running two hedge funds under the same group caused friction, hence the spinout. Dragonfly was one of the few crypto funds that turned down FTX.

Meanwhile, former Brevan Howard CEO Alan Howard has been a major digital assets investor. He founded Elwood Technologies, which targets institutional order management, execution and portfolio management. Last year it raised a $70 million Series A co-led by Dawn Capital and Goldman Sachs.

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