Macro Trader John Curtice Exits Brevan Howard

People familiar with the matter confirmed that macro trader John Curtice has left Brevan Howard after less than two years with the firm. He joined in February 2025 to trade the firm’s $11.2 billion Master Fund from Geneva.

Curtice was hired to run macro positions inside Brevan Howard’s flagship Master Fund and was based in Geneva. He was associated with high-conviction, leveraged macro strategies and was expected to contribute to the firm’s macro trading capabilities.

Brevan Howard’s Master Fund has experienced pressure in its rates trading book over the past year, including in the first quarter of 2026. Gains in equities trading have helped offset some losses. The Master Fund was up 3.7% through mid-May, while the firm’s BH Alpha Strategies fund rose 4.2% over the same period.

Curtice joined Brevan Howard after a short, high-profile tenure at Millennium Management. Before Millennium, he had been recruited from ExodusPoint Capital Management with a reported compensation package above $50 million. At Millennium his trading capital was reduced after breaches of internal risk limits, and he left that platform within a year.

No replacement for Curtice has been announced. Brevan Howard continues to operate multiple strategies across its flagship and satellite funds as it adjusts positions in response to recent market moves.