Peter Hornick, Head of Business development at $33m global macro hedge fund manager Brevan Howard, and the man responsible for luring top talent to the firm, is leaving the business as part of a corporate rejig, according to a report by Business Insider.

Hornick joined Brevan Howard in 2020 having spent the majority of the previous two years in a similar role at ExodusPoint. He also previously spent five years as the Global Head of Business Development at Izzy Englander's Millennium Management.

The report cites unnamed sources familiar with the matter as confirming that Brevan Howard is restructuring its talent recruitment function, by embedding business development leads within its trading strategies rather than having an independent team.

The $33 billion hedge fund, founded by macro trading billionaire Alan Howard, has tripled its assets over the past three and expanding into a multi-strategy firm, but like many macro funds has struggled to make money this year. The firm's Alpha Strategies fund, which manages around $14 billion, racked up a loss of 1.7% up to the end of July, while its master fund, which manages over $12 billion, was down 5.2% at the end of July.