Brevan Howard Acquires Dragonfly Capital’s Hedge Fund Liquid Opportunities

Key Points:

• Brevan Howard Asset Management acquired Liquidity Opportunities, a long-short hedge fund managed by Dragonfly Capital.
• Kevin Hu, Ashwin Ramachandran, and Lawrence Diao oversee Liquidity Opportunity, which was founded in June 2021.
• The fund will now function as part of the investment firm’s digital asset and cryptocurrency subsidiary, Brevan Howard Digital.

Brevan Howard Asset Management acquired Liquid Opportunities, a long-short hedge fund run by encrypted investing firm Dragonfly Capital, according to Bloomberg News.

Kevin Hu, Ashwin Ramachandran, and Lawrence Diao oversee Liquid Opportunities, which was founded in June 2021. The fund will now be managed by Brevan Howard Digital, the investment firm’s crypto and digital assets division. According to a source familiar with the situation, the fund’s long-short trading approach is consistent with the latter’s aggressive trading style.

The Jersey, Channel Islands-based company, which manages $30 billion in assets, has agreed to take over an actively managed Dragonfly fund.

Hu’s LinkedIn page indicates his current position as a chief investment officer at Nova Digital, a fund managed by Brevan Howard.

Brevan Howard Digital expanded its senior leadership team in January, recruiting Hu to concentrate on investing in listed digital assets, according to The Block.

Hu was formerly a general partner and the head of liquid strategies at Dragonfly, a crypto startup fund. He formerly worked at BlackRock’s alternative investment business, where he oversaw its research into digital assets in 2016.

Hu will be located in the company’s new Abu Dhabi headquarters and will report directly to BH Digital CEO Gautam Sharma.

“After extensive discussions, we decided that Brevan Howard, one of the largest hedge funds in the world, was the right long-term home for Kevin and his team,” according to an internal Dragonfly document seen by Bloomberg News.

Dragonfly received $650 million for its third startup fund in May, shortly before to the collapse of Do Kwon’s algorithmic stablecoin TerraUSD. The Liquid Opportunities fund’s spinoff was unconnected to last year’s crypto meltdowns, notably the collapse of FTX, according to the document.

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