Brevan Howard, the UK-based hedge fund launched in 2003, has underlined its position as one of the best performing start-ups in the business after making revenues of more than £76m (€112m) in its first year.

The performance of the fixed-income-oriented fund enabled the seven partners, led by founder Alan Howard, a former star proprietary trader at Credit Suisse First Boston, to share about £14m in the year to last July. The partners also received a large part of the £50.4m salary bill detailed in accounts just filed with Companies House.