Brevan Howard is facing a crunch point in its two-decade history, with the once legendary macro hedge fund run by Alan Howard facing a sustained period of underperformance that has forced it into significant changes. 

In the past two years, Brevan Howard has rolled out multiple rounds of job cuts, firing star traders as it faced lagging returns in its flagship fund. Meanwhile, a bid to expand beyond its traditional focuses has seen it expand rapidly in the Middle East and make a bold bet on the Wild West world of crypto.