Brevan Howard Asset Management, one of Europe’s biggest hedge funds, has cut at least 10% of its workforce, said a person familiar with the matter, as it battles lacklustre performance and investor outflows.

The cuts from the firm's approximately 400-strong global workforce is a dramatic move for a firm once seen by many investors as near-invincible. It comes after the closure of a number of funds and as the firm focuses on reviving its flagship hedge fund.