Billionaire Tory donor received £148m from hedge fund on payday

Alan Howard is one of the richest people in the UK, with an estimated net worth of £1.75 billion. Photo: Holly Adams/Bloomberg

Billionaire Tory donor Alan Howard received a £148 million payout from his hedge fund last year as bets on interest rates paid dividends for the company.

Payouts to partners< strongby Brevan Howard Asset Company accounts show management's value is more than six times the £23 million split a year earlier.

The 60-year-old is one of the UK's richest men, with an estimated fortune of £1.75 billion, according to company accounts. Sunday Times Rich List

In 2022, he hired Lady Gaga, who is said to charge $1m (£780,000) for private shows, to sing at his wedding to model-turned-chef chef Caroline Byron, on Lake Como. .

However, the wedding at Villa Olmo reportedly caused an uproar among local residents after Mr Howard paid €1.3 million to close the 18th-century palace and its gardens to the public for a month.

Mr. Howard is a long term partner. a Tory supporter and donated £1 million to the Conservative Party last year, bringing his total monetary support to £1.6 million.

The payout from Brevan Howard Asset Management comes after the fund's profits rose nearly 300 percent last year. The investment firm, which has about $36 billion under management, said operating profit before staff benefits was £415 million in the year to March 2023, up from £105 million a year earlier.

Brevan Howard Asset Management specializes in digital assets and global macro – meaning it bets on political and economic events around the world.

This means the fund benefited from rising interest rates after central Banks began increasing borrowing costs at the end of 2021 in an attempt to curb runaway inflation.

In September 2021, the company launched BH Digital, which invests in digital currencies. That figure grew 44% last year, according to Bloomberg.

Mr Howard is himself a prominent investor in cryptocurrencies and cryptocurrencies. non-fungible tokens. In 2022, the Financial Times reported that he had at least 43 investments in cryptocurrency companies and projects.

Mr Howard co-founded Jersey-based Brevan Howard Asset Management in 2002. He resigned as leader. as chief executive in 2019, handing over the reins to Aron Landy but remaining in ultimate control of the firm.

Brevan Howard Asset Management declined to comment.