The days have turned dark for Brevan Howard, and it lately seems like it is perhaps only a matter of time before the forces of the universe conspire to send the $12 billion hedge fund into obsolescence.
As Alan Howard stares into the stars and wonders what would become of all that he has built should it all end tomorrow, he decides that someone must survive to carry short-term macro asset management into the future. A son of Brevan Howard must be saved, sent out into the universe to ensure the survival of his people.
Giles Coppel, a top trader in Brevan Howard's New York office, is prepping his own hedge fund, people familiar with the matter said.
Brevan Howard is backing Coppel with $200 million, the people said.
We can see Alan signing the investment agreement as outflows raged around him, a picture of emotionally shattered calm in a sea of chaos. Howard stands and moves towards a frightened and confused Coppel before putting his hands on the younger man's shoulder and speaking:
"You will travel far, my Giles, but we will never leave you. Even in the face of our death, the richness of our lives shall be yours. All that I have, all that I've learned, everything I feel, all this, and more, I bequeath you, my Giles. You will carry me inside you, all the days of your life. You will make my strength your own, and see my life through your eyes, as your life will be seen through mine. The son becomes the father, and the father the son. This is all I can send you, Giles. And here's a wire transfer for $200 million."
He places the note into Coppel's pocket and shoves him out onto Madison Avenue, so that he might live.
A new era of hope dawns.