New York (HedgeCo.Net) – Two hedge funds previously managed by Brevan Howard Capital Management, which total more than $5 billion in assets, are now being managed by New York credit-focused multi-strategy asset manager, DW Partners.

“This is an exciting day for DW Partners, and we thank all of our investors for their support during this process,” said David Warren, Founder and Chief Investment Officer. “Our relationship with Brevan Howard has been an extremely successful one for investors, and we are grateful for the support of Alan Howard and his team. We look forward to continuing our close relationship with Brevan Howard as we begin the next phase of our development as an asset management company.

“We are confident that this transition will create a stronger and even more aligned relationship with our investors, and allow us to meet their growing and complex needs as we seek to produce the strong risk-adjusted returns that investors have come to expect from the Funds. Importantly, as the credit markets continue to evolve, this transition will allow DW to respond more nimbly to changing environments. We will be able to access new opportunities and work with sophisticated clients to provide capital efficiently to credit markets.”

As part of this transition, DW also has replaced Brevan Howard as manager of the London-listed DW Catalyst Fund Limited.