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Brevan Howard has also engaged former CMT Digital CEO Colleen Sullivan to oversee private and venture crypto investments.
Brevan Howard, a United Kingdom-based hedge fund, plans to “significantly expand” its cryptocurrency and digital assets, according to a new report from Reuters.
Brevan’s CEO Aron Landy, who has been in charge since co-founder and long-time crypto supporter Alan Howard stepped down in 2019, has declared that the company is “committed to rapidly developing its platform and offerings in cryptocurrencies and digital assets.”
Brevan’s crypto strategy is two-pronged. The firm is forming a new business division, “BH Digital,” to handle its crypto and digital assets, and has also appointed CMT Digital Chief Executive Colleen Sullivan to spearhead private and venture investments in crypto.
Sullivan has led CMT Digital — a CMT Group division focused on crypto trading, blockchain investments, and legal/policy engagement in the industry — since late 2013. At Brevan, she will chair an investment committee dedicated to forging a new strategy focused on crypto technology. Landy has endorsed Sullivan’s “exceptional track record in making highly successful crypto venture investments,” adding that her appointment “will be of tremendous benefit to Brevan Howard clients.”
Brevan’s crypto strategy under Landy implies that Howard’s departure has had no effect on the firm’s desire to participate in the industry. The Brevan Howard Master Fund, led by him, stated in April that it will commit 1.5 percent of its assets to cryptocurrency, amounting to approximately $84 million.
Howard has made a number of cryptocurrency investments, including in EOS developer Block.one and the ICE-owned digital asset platform Bakkt.He led a $25 million expansion round for London-based crypto services startup Copper.co this summer, as well as an investment in Asian crypto investment platform Kikitrade. He also has a 25% stake with One River Digital Asset Management, a United States-based hedge fund that purchased $600 million worth of Bitcoin (BTC) and Ether (ETH) in 2020.