Swiss Re, the Swiss reinsurer, has agreed to take a 15% stake in Brevan Howard group, a UK hedge fund manager that has become one of the five largest in Europe since it was founded in 2002.

A spokesman for the firm said: "Brevan Howard is pleased to announce that Swiss Re, the leading global reinsurer, has agreed to purchase a 15% holding in the Brevan Howard group. This is a non-controlling interest and has no impact on the management of the Brevan Howard group."