Notices

  • Brevan Howard Asset Management LLP: Modern Slavery Transparency Statement

    The Modern Slavery Act 2015 (the “Act”) seeks to address the role of businesses in preventing modern slavery from occurring in their supply chains and organisations. As required by Section 54 of the Act, this statement constitutes the slavery and human trafficking statement (“Statement”) for the financial year ending 31 March 2016 for Brevan Howard Asset Management LLP (“BHAM”).

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    Organisational Structure and Business

    BHAM is regulated by the FCA and its sole business is asset management. BHAM has non-UK affiliates in Jersey, Geneva, New York, Hong Kong, Washington, Singapore and Tel Aviv; none of which conduct business in the UK. However, Brevan Howard Services Limited and Brevan Howard Partnership Services Limited (both members of BHAM) are included in the ambit of this Statement as they provide services directly to BHAM.

    Policy on Slavery

    It is the policy of BHAM to ensure its business and supply chains are free from modern slavery and human trafficking. BHAM will continue to implement and enforce effective systems and controls to minimise, as far as possible, the risk of modern slavery or human trafficking taking place anywhere in its business or supply chains. BHAM expects its suppliers to adopt the same standards it meets itself and will not deal with any organisation that may be connected with slavery in any way.

    Approach to Modern Slavery Act

    1. Review and due diligence

    To assess the nature and extent of our exposure to the risk of slavery and human trafficking in its supply chains and business, BHAM conducted a review on the basis of perceived risk. The main criteria used to evaluate suppliers included the origin of manufacture, the nature of services provided and the location where services are provided from.

    Whilst we acknowledge that risk factors are present in all supply chains across all sectors, the sole nature of BHAM’s business is as an asset manager operating in capital markets. This is a low risk industry utilising a high level of information technology and highly skilled labour, and a low level of manufactured goods.

    BHAM identified that some parts of its supply chain could pose a potential risk, i.e. third party suppliers who provide products and services for office buildings such as cleaning staff, security staff and courier services (“Relevant Suppliers”).

    1. Background checks and Communication with Relevant Suppliers

    BHAM undertook checks on any Relevant Suppliers to confirm if they have been named on international watch lists or have negative press associated with their business. We also contacted any Relevant Suppliers to explain our expectations of compliance with the Act and seek confirmation that they comply with the Act.

    1. Review of procurement procedures

    BHAM will review any potential new supplier and request information regarding work practices as well as communicating that we have a zero tolerance policy with regards to slavery and continue to monitor potential risk areas identified in our supply chains.

    1. Awareness

    BHAM educated key stakeholders including the senior managers of BHAM and Head of Procurement on the requirements of the Act.

    Approval Procedure and Publication

    This Statement will be reviewed annually and updated where necessary to reflect changes in circumstances and actual practice. This Statement has been reviewed by senior management and approved on behalf of the members of BHAM on 23 February 2017 and the board of directors of Brevan Howard Services Limited and Brevan Howard Partnership Services Limited on 24 February 2017.

  • UK Stewardship Code

    FCA Conduct of Business Rule 2.2.3R requires FCA authorised firms to either disclose their compliance or explain their non-compliance with the principles set out in the UK Financial Reporting Council’s Stewardship Code (the “Code”). Brevan Howard Asset Management LLP (“BHAM” or “the Firm”) is authorised and regulated by the FCA in the United Kingdom and therefore subject to the Code.

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    BHAM manages assets across a number of global diversified hedge fund and UCITS strategies, but does not take an activist shareholder approach. Accordingly, whilst the Firm supports the Code as a mechanism to promote best practice in the institutional shareholder conduct of UK listed companies, the Firm does not consider the Code or its principles to be appropriate for the funds’ investment strategies. BHAM actively endorses hedge fund industry best practice and is a founding member of the Hedge Fund Standards Board, a body which promotes hedge fund best practice in relation to disclosure, valuation, risk management and fund governance.

  • Pillar 3 Disclosure

    The following disclosures are provided pursuant to the Pillar 3 disclosure rules as laid out by the Financial Conduct Authority (“FCA”) within section 11 of its Prudential Sourcebook for Banks, Building Societies and Investment Firms (“BIPRU”).  The regulatory aim of the disclosures is to improve market discipline through additional transparency.

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    The prudential framework for investment management firms consists of three “pillars” under the Capital Requirements Directive which has been implemented by the FCA through the General Prudential Sourcebook (“GENPRU”) and BIPRU:

    • Pillar 1 sets out the minimum capital requirements for the investment manager;
    • Pillar 2 deals with the Internal Capital Adequacy Assessment Process (“ICAAP”) and the Supervisory Review and Evaluation Process through which the investment manager and the regulator satisfy themselves as to the adequacy of capital; and
    • Pillar 3 requires the investment manager to publish its objectives and policies in relation to risk management, and information on its risk exposures and capital resources.

    The disclosures below are the required Pillar 3 disclosures and apply solely to Brevan Howard Asset Management LLP (the “Firm”). The disclosures do not apply to the funds managed by the Firm as described below, which are exposed to different risks. Unless otherwise defined, capitalised terms used herein have the meanings given to them in BIPRU. The disclosures reflect the arrangements and financials of the Firm as at 31 March 2017 unless otherwise indicated.

    Background to the Firm

    The Firm is an investment manager based in London, United Kingdom, and is incorporated in England and Wales as an English Limited Liability Partnership. The Firm is a solo UK entity authorised and regulated by the FCA in the United Kingdom to conduct investment management business. It should be noted that during 2017 the Firm varied its regulatory permission with the FCA from a MiFID firm to an AIFMD firm.  Despite this variation of permission the Firm is a BIPRU firm without retail clients, and does not hold regulatory permissions to manage or hold client money or client assets.

    The Firm’s primary business activity is to act as investment manager in respect of certain investment funds for which Brevan Howard Capital Management LP (“BHCM LP”) acts as manager. BHCM LPgrants the Firm a discretionary mandate to provide investment services in respect of some or all of the portfolios of these funds, subject to any contractual restrictions set out in the relevant investment management agreement, and any investment restrictions described in the prospectus for the relevant funds.

    The Firm also acts as the AIFM in relation to certain funds following its variation of permission, in addition to these investment management services, the Firm provides certain middle-office and back-office support services to BHCM LP.

    Verification

    The information contained in this document has not been audited by the Firm’s external auditors and does not constitute any form of financial statement and must not be relied upon in making any judgement on the Firm.Materiality

    BIPRU Pillar 3 rules (BIPRU 11.3.5R and BIPRU 11.4.1R) provide that Pillar 3 disclosures are only required where the information would be considered material to a user relying on that information to make economic decisions.

    Materiality

    BIPRU Pillar 3 rules (BIPRU 11.3.5R and BIPRU 11.4.1R) provide that Pillar 3 disclosures are only required where the information would be considered material to a user relying on that information to make economic decisions.

    Proprietary and confidential information

    BIPRU Pillar 3 rules (BIPRU 11.3.6R and BIPRU 11.3.7R) provide that firms may omit information where the information is regarded as proprietary or confidential.

    Pillar 3 Disclosures

    BIPRU 11.5.1R – Risk Management Objectives and Policies

    Governance framework

    The Firm’s governance arrangements are headed by the Board of Partners (the “Board”). The Board, as part of its regulatory duty to apportion key responsibilities, has resolved to delegate general oversight of the Firm’s business to the Executive Committee of the Board (the “Executive Committee”).

    The Executive Committee operates as the governing body of the Firm. It meets on a monthly basis and on an ad hoc basis if circumstances so require, and is responsible for the day to day running and oversight of the Firm on behalf of the Board. The Executive Committee reviews, amongst other things, the level of fund capital and risk limits allocated to individual traders, the Firm’s financial information (such as monthly accounts, regulatory returns, and audited year end accounts), marketing activity, HR matters, the information technology environment, the ICAAP, internal and external audit reports and related recommendations, operational risk and compliance reports, and status reports from departmental heads.

    A representative of the Executive Committee sits on each of the Firm’s management committees which report into the Executive Committee, normally as the Chairman of that specific committee. This provides assurance to the Executive Committee that relevant items are being identified and reviewed and that items which are material in light of the Executive Committee’s risk appetite are reported to the Executive Committee. In addition, and where relevant, the Committees provide appropriate written reports detailing any issues for escalation to the Executive Committee. Individual Executive Committee members also provide positive assurance at the meetings that there are no other material items to report or escalate from their respective departments or from their reporting lines.

    Risk management objective and framework

    The Executive Committee adopts a ‘3 lines of defence’ model. Heads of Department and their staff have primary responsibility for managing and mitigating the risks specific to their area. The risk management practices and processes in place at this level constitute the ‘1st line of defence’.  The ‘2nd line of defence’ is held by the management committees supported by risk and control functions such as Fund Risk, Compliance and Operational & Business Risk functions. The management committees are responsible for oversight and monitoring of the key risks facing the Firm. The ‘3rd line of defence’ is performed by the Brevan Howard Capital Management Limited (“BHCML”) Audit Committee which provides independent oversight of Brevan Howard risk management, control and governance processes. The BHCML Audit Committee is composed of non-executive directors of BHCML and meets on a quarterly basis.

    The Executive Committee is responsible for determining the risk appetite for the Firm. The Firm has established a risk management framework to identify, measure, monitor, report and mitigate risks. Risks identified through the operation of the risk management framework are assessed as part of the Firm’s ICAAP and Pillar 2 processes.

    The Executive Committee is responsible for determining the risk appetite for the Firm. The Firm has established a risk management framework to identify, measure, monitor, report and mitigate risks. Risks identified through the operation of the risk management framework are assessed as part of the Firm’s ICAAP and Pillar 2 processes.

    The risk management framework sets out the responsibilities and escalation procedures for the identification, monitoring, and management of risks. Specific personnel are assigned responsibility for the risks across the Firm’s business units. The Executive Committee takes overall responsibility, with the assistance of risk, compliance and control functions, for identifying material risks to the Firm and implementing appropriate mitigating controls.

    Risks and mitigating controls are periodically reassessed, taking into account the Firm’s risk appetite. Actions are taken to improve the control framework when risks are identified which fall outside of the Firm’s risk appetite, or when weaknesses are identified in the Firm’s mitigating controls.

    The BHCML Audit Committee approves an internal audit plan setting out the areas of the Brevan Howard business to be audited, approves the scoping of audits and appoints relevant persons or firms to perform the reviews. Results and findings of audit reviews are presented to the BHCML Audit Committee and, where, appropriate, to any other committees or management boards including for example the Executive Committee

    Internal Capital Adequacy Assessment Process (“ICAAP”)

    The Firm’s ICAAP includes an assessment of the design and performance of the internal controls in place to mitigate risks, the probability of the risk occurring, the potential financial and reputational impact, and the adequacy of the Firm’s capital base.

    The Executive Committee formally reviews and approves a finalised ICAAP document on at least an annual basis (or more frequently if there are material changes to the Firm’s business model and risk exposures). The Executive Committee, as part of its review of the ICAAP, sets the Firm’s risk appetite, validates that the Firm’s key material risks have been considered and assessed, and validates the stress testing scenarios.

    The Pillar 2 capital requirements of the Firm are determined through a range of methods including scenario analysis of extreme events and stress testing within the ICAAP.

    BIPRU 11.5.3R – Capital Resources

    As a BIPRU firm, the Firm maintains sufficient capital to meet its regulatory capital requirements and takes a prudent approach to the management of its capital base. The amount and type of capital resources of the Firm as at 31 March 2016 are set out in the table below:

    Table 1: Capital Resources as at 31 March 2017

    CAPITAL RESOURCES £m
    Tier One Capital Partnership capital
    Audited reserves
    18.72
    11.22
    Tier Two Capital 0.0
    Tier Three Capital 0.0
    Total Capital 29.94

    The adequacy of the capital held by the Firm is assessed regularly, and at least annually, as part of the ICAAP framework and is subject to approval by the Executive Committee. The most recent ICAAP (and Pillar 2) review took place on the 30th November 2017.

    As a BIPRU firm and in accordance with GENPRU 2.1.45R, the Firm is required to calculate its variable regulatory capital requirements as the higher of:

    • the sum of the market and credit risk requirement, and
    • the Fixed Overhead Requirement (“FOR”).

    The Firm has calculated its FOR in accordance with the rules and guidance set out in GENPRU 2.1.53R to GENPRU 2.1.59G, which amounts to £12.17 million as at 31 March 2017. The credit and market risk capital requirements of the Firm amount to less than the FOR.  Therefore, the overall Pillar 1 capital requirement of the Firm is the FOR of £12.17 million.

    Table 2: Fixed Overhead Requirement as at 31 March 2017

    Fixed Overhead
    £m
    Risk Weight FOR
    £m
    Non-variable annual expenses 48.66 25% 12.17

    FCA Remuneration Code

    BIPRU 11.5.18R – Remuneration

    The Firm has adopted a remuneration policy that complies with the requirements the FCA’s Senior Management Arrangements, Systems and Controls Sourcebook (“SYSC”) – and most notably chapter SYSC 19C that sets out the BIPRU Remuneration Code and related guidance on proportionality.

    As a BIPRU firm (that has no other BIPRU firms within its corporate group), the Firm falls within proportionality level 3 under the BIPRU Remuneration Code regime. The Firm has concluded that, on the basis of its size and the nature, scale and complexity of its legal structure and business, it does not need to appoint a distinct remuneration committee. Instead, the Executive Committee of the Firm sets and oversees compliance with the Firm’s remuneration policy, including reviewing the terms of the policy on at least an annual basis.

    The Firm currently sets the variable remuneration of its staff in a manner which takes into account individual performance, performance of the individual’s business unit and the overall results of the Firm. As permitted for firms falling within proportionality level 3, the Firm takes into account the specific nature of its own activities (including the fee-based nature of its revenues) in conducting any ex-ante risk adjustments to awards of variable remuneration and, given the nature of its business, has disapplied the requirement under the BIPRU Remuneration Code to make ex-post risk adjustments.

    The Firm only has one “business area”, which is its investment management business. All of the Firm’s Code Staff fall into the “senior management” category of Code Staff (rather than the “risk taker” category) for the purposes of the BIPRU Remuneration Code. During the reporting year 2016 the Firm’s Code Staff totalled 16, all of whom were deemed to be performing a ‘Significant Influence Function’.

    The aggregate remuneration awarded to the Firm’s Code Staff during the financial year ending on 31 March 2017 in respect of the 2016 performance year was £28.87 million.

  • SBAI Disclosure

    Investor Disclosure Statement and Explanatory Statement

    7 December 2017

    Brevan Howard Asset Management LLP (‘BHAM’) is a signatory to the standards set out by the Standards Board for Alternative Investments (SBAI). To conform to the Standards, BHAM is required to make a disclosure statement available to investors, which sets out those Standards with which BHAM does not fully comply, and an explanatory statement detailing why it does not comply. This document is the statement which fulfils both requirements.

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    Download full document: SBAI Disclosure Statement 2017

  • Investor Education and Protection

    Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 2267 requires Brevan Howard US LLC to provide its customers with the following information:

    The FINRA BrokerCheck Hotline Number is: (800) 289-9999.

    FINRA’s website address is: http://www.finra.org/.

    An investor brochure that includes information describing FINRA BrokerCheck may be obtained from FINRA by contacting FINRA at the above telephone number or accessing FINRA’s website at http://www.finra.org/.

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  • Regulation (EU) No 1286/2014 - PRIIPs Regulation

    Key Information Documents as prescribed by EU regulation for BH Macro Limited are located here.

    Key Information Documents as prescribed by EU regulation for BH Global Limited are located here.

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  • Brevan Howard Privacy Notice

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    This Privacy Policy (the “Policy”) describes how Brevan Howard collects, uses and shares the information you provide to us and the information we collect in the course of operating our business and our website.

    In this Policy when we refer to Brevan Howard or “we”/“us”/“our”, we mean Brevan Howard Asset Management LLP (“BHAM”) and the other relevant Brevan Howard group entities.  BHAM’s contact address is 55 Baker Street, London, W1U 8EW and we are authorised and regulated in the UK by the Financial Conduct Authority.

    We may revise this Policy at any time by amending this page. You are expected to check this page from time to time to take notice of any changes we make, as they are binding on you.

    The information that we collect and where we get it from

    “Personal information” is any information that can be used to identify you or that we can link to you and which we have in our possession or control.

    We will collect and process the following personal information about you:

    Information that you provide to us

    We will process personal information that you give to us including when you email us or contact us through various channels as follows:

    Accessing our website: In accessing our website, especially through the password protected investor login portal, the information that you provide may include your full name, title, telephone number, geographical location, email address and content, date and time of your email correspondence and information about your employer or your business.

    Contacting our Investor Relations, Marketing or other teams: When contacting us to obtain information about our funds or our firm, we are required to obtain certain personal information as outlined above to meet regulatory obligations in relation to client classification and know your customer requirements.  We store this information in our Client Relationship Management system.

    How we use the information we collect

    We may do the following with your personal information:

    • use it to engage in marketing and business development activity in relation to our funds and services. This may include sending you monthly newsletters, updated DDQ documents, monthly risk reports, marketing communications and other information in relation to the Brevan Howard funds that may be of interest to you
    • to comply with legal and regulatory obligations that we have to discharge
    • record and monitor your use of our websites or our other online services for our business purposes which may include analysis of usage, measurement of site performance and generation of marketing reports
    • use it for our legitimate business interests, such as undertaking business research and analysis, managing the operation of our websites and our business
    • use it to look into any complaints or queries you may have, and
    • use it to prevent and respond to actual or potential fraud or illegal activities.

    Also, we may collate, process and share any statistics based on an aggregation of information held by us provided that any individual is not identified from the resulting analysis and the collation, processing and dissemination of such information is permitted by law.

    Grounds for using your personal information

    We rely on the following legal grounds to process your personal information, namely:

    • Consent – we may (but usually do not) need your consent to use your personal information. You can withdraw your consent by contacting us (see below).
    • Performance of a contract – we may need to collect and use your personal information to enter into a contract with you or to perform our obligations under a contract with you.
    • Legitimate interest – we may use your personal information for our legitimate interests, some examples of which are given above.
    • Compliance with law or regulation – we may use your personal information as necessary to comply with applicable law/regulation.

    How we share information with third parties

    We share personal information with our international offices.  As a result, your personal information may be transferred to locations outside Europe as well as within it for the purposes described above.

    We may also share your personal information outside the Firm. This may include:

    • Third party agents/suppliers or contractors, bound by obligations of confidentiality, in connection with the processing of your personal information for the purposes described in this Policy. This may include, but is not limited to, IT and communications service providers.
    • Third parties relevant to the regulated services that we provide. This may include, but is not limited to, counterparties to transactions or litigation, regulators, authorities, governmental institutions and stock exchanges.
    • To the extent required by law, regulation or court order, for example, if we are under a duty to disclose your personal information in order to comply with any legal obligation.

    Where we transfer your personal information outside Europe, we will ensure that it is protected and transferred in a manner consistent with legal requirements applicable to the information. This can be done in a number of different ways, for instance:

    • the country to which we send the personal information may be approved by the European Commission
    • the recipient may have signed a contract based on “model contractual clauses” approved by the European Commission, obliging them to protect your personal information, or
    • where the recipient is located in the US, it may be a certified member of the EU-US Privacy Shield scheme.

    In other circumstances, the law may permit us to otherwise transfer your personal information outside Europe. In all cases, however, any transfer of your personal information will be compliant with applicable data protection law.

    You can obtain more details of the protection given to your personal information when it is transferred outside Europe (including a sample copy of the model contractual clauses) by contacting us using the details set out below.

    Keeping your information and information security

    How long we hold your personal information for will vary and will depend principally on:

    • the purpose for which we are using your personal information – we will need to keep the information for as long as is necessary for the relevant purpose, and
    • legal obligations – laws or regulation may set a minimum period for which we have to keep your personal information.

    We will ensure that the personal information that we hold is subject to appropriate security measures.

    Your choices and rights

    You have a number of legal rights in relation to the personal information that we hold about you and you can exercise your rights by contacting us using the details set out below.

    These rights include:

    • Obtaining information regarding the processing of your personal information and access to the personal information which we hold about you.
    • Please note that there may be circumstances in which we are entitled to refuse requests for access to copies of personal information.
    • Requesting that we correct your personal information if it is inaccurate or incomplete.
    • Requesting that we erase your personal information in certain circumstances. Please note that there may be circumstances where you ask us to erase your personal information but we are obliged under regulation to retain it.
    • Objecting to, and requesting that we restrict, our processing of your personal information in certain circumstances. Again, there may be circumstances where you object to, or ask us to restrict, our processing of your personal information but we are legally or regulatory entitled to refuse that request.
    • In some circumstances, receiving some personal information in a structured, commonly used and machine-readable format and/or requesting that we transmit those information to a third party where this is technically feasible. Please note that this right only applies to personal information which you have provided to us.
    • Withdrawing your consent, although in certain circumstances it may be lawful for us to continue processing without your consent if we have another legitimate reason (other than consent) for doing so.
    • Lodging a complaint with the relevant data protection authority, if you think that any of your rights have been infringed by us.
    • We can, on request, tell you which data protection authority is relevant to the processing of your personal information

    If you would like further information on the collection, use, disclosure or processing of your personal information or the exercise of any of the rights listed above, please contact us at IR@brevanhoward.com

  • Fund Privacy Notice

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    This privacy notice relates to following entities (each a “Fund”):

    Cayman funds

     

    Brevan Howard Fund Limited

    Brevan Howard Master Fund Limited

    Brevan Howard Asia Fund Limited

    Brevan Howard Asia Master Fund Limited

    Brevan Howard Multi-Strategy Fund Limited

    Brevan Howard Multi-Strategy Master Fund Limited

    Brevan Howard AH Fund Limited

    Brevan Howard AH Master Fund Limited

    Brevan Howard AS Macro Fund Limited

    Brevan Howard AS Macro Master Fund Limited

    Brevan Howard Greek Opportunities Fund Limited

    Brevan Howard Greek Opportunities Master Fund Limited

    Brevan Howard Global Volatility Fund Limited

    Brevan Howard Global Volatility Master Fund Limited

    Brevan Howard MB Macro Fund Limited

    Brevan Howard MB Macro Master Fund Limited

    Brevan Howard US Rates Opportunities Fund Limited

    Brevan Howard US Rates Opportunities Master Fund Limited

    Brevan Howard Alpha Strategies Fund Limited

    Brevan Howard Alpha Strategies Master Fund Limited

    Brevan Howard FG Macro Fund Limited

    Brevan Howard FG Macro Master Fund Limited

     

    Delaware funds (each an “LP Fund”)

     

    Brevan Howard L.P.

    Brevan Howard Asia Fund L.P.

    Brevan Howard Multi-Strategy Fund, L.P.

    Brevan Howard AH Fund, L.P.

    Brevan Howard AS Macro Fund, L.P.

    Brevan Howard Greek Opportunities Fund, L.P.

    Brevan Howard Global Volatility Fund, L.P.

    Brevan Howard MB Macro Fund, L.P.

    Brevan Howard US Rates Opportunities Fund, L.P.

    Brevan Howard Alpha Strategies Fund, L.P.

    Brevan Howard FG Macro Fund, L.P.

     

    General Partner

     

    Brevan Howard General Partner Limited in its capacity as general partner of each LP Fund

     

    Notice

    The Fund’s place of business is at PO Box 309, Ugland House, George Town, Grand Cayman, KY1-1104, Cayman Islands.

    About this privacy notice

    The Fund is a data controller in respect of your personal data for the purposes of data protection law, such as the European Union’s General Data Protection Regulation. The Fund is responsible for ensuring that it uses your personal data in compliance with data protection law.

    International Fund Services (Ireland) Limited, the Fund’s administrator, is a data processor in respect of your personal data for the purposes of data protection law and will generally process personal data provided to it in connection with an investment in the Fund in accordance with the Fund’s instructions, and the Fund will generally act as the data controller of any such personal data.

    This privacy notice applies to you if (i) you are an applicant for shares in the Fund, (ii) your personal data has been provided to the Fund in connection with an application for shares in the Fund by another person (such as where you are a director, partner, trustee, employee, agent or direct or indirect owner of an applicant) or (iii) the Fund otherwise uses your personal data. This privacy notice sets out the basis on which personal data about you will be processed by the Fund. Please take the time to read and understand this privacy notice.

    Personal data that the Fund might use

    The Fund might process the following personal data about you:

    (a)        Information provided to the Fund by you or (if different) the applicant: This might include your name and address (including proofs of name and address), contact details, date of birth, gender, nationality, photograph, signature, occupational history, job title, income, assets, other financial information, bank details, investment history, tax residency and tax identification information. Such information might be provided in an application form or in other documents (as part of an application process or at other times), face-to-face, by telephone, by email or otherwise.

    (b)        Information that the Fund collects or generates: This might include information relating to your (or an applicant’s) investment in the Fund, emails (and related data), call recordings and website usage data.

    (c)        Information that the Fund obtains from other sources: This might include information obtained for the purpose of the Fund’s know-your-client procedures (which include anti-money laundering procedures, counter-terrorist financing procedures, politically-exposed-person checks, sanctions checks, among other things), information from public websites and other public sources and information received from the applicant’s advisers or from intermediaries.

    Uses of your personal data

    Your personal data may be stored and processed by the Fund for the following purposes:

    (a)        Assessing and processing applications for shares in the Fund and other share dealings, including performing know-your-client procedures, issuing and redeeming shares, receiving payments from and making payments to the applicant, calculating net asset value, and overseeing these processes.

    (b)        General business administration, including communicating with investors, communicating with service providers and counterparties, accountancy and audit services, risk monitoring, the administration of IT systems and monitoring and improving products.

    (c)        Compliance with legal and regulatory obligations and industry standards, including know-your-client procedures, the automatic exchange of tax information and legal judgments.

    (d)        In respect of in information shared with the Brevan Howard Capital Management L.P. acting by its sole general partner Brevan Howard Capital Management Limited (the “Manager”) and its affiliates, their business activities relating to the Fund, such as investor relations, discussions with the Fund’s service providers and counterparties, decision-making in relation to the Fund, and business strategy, development and marketing.

    The Fund is entitled to process your personal data in these ways for the following reasons:

    (a)        If you are the applicant, you may enter into an investment contract with the Fund and some processing will be necessary for the performance of that contract, or will be done at your request prior to entering into that contract.

    (b)        Processing may be necessary to discharge a relevant legal or regulatory obligation.

    (c)        The processing will, in all cases, be necessary for the legitimate business interests of the Fund, the Manager, the Fund’s administrator or another person, such as:

    (i)         carrying out the ordinary or reasonable business activities of the Fund, the Manager, the Fund’s administrator or other persons, or other activities previously disclosed to the Fund’s investors or referred to in this privacy notice;

    (ii)         ensuring compliance with all legal and regulatory obligations and industry standards, and preventing fraud;

    (iii)        establishing, exercising or defending legal rights or for other purposes relating to legal proceedings; and

    (iv)        ensuring the security of information systems.

    (d)        In respect of any processing of sensitive personal data falling within special categories, such as any personal data relating to the political opinions of a politically exposed person, the processing will be necessary for reasons of substantial public interest.

    Disclosure of your personal data to third parties

    The Fund may from time to time, in accordance with the purposes described above, disclose your personal data to other parties, including (a) the Manager and its affiliates, (b) the Fund’s administrator and its affiliates, (c) professional advisers such as law firms and accountancy firms, (d) other service providers of the Fund, the Manager and the Fund’s administrator, including technology service providers, (e) counterparties and (f) courts and regulatory, tax and governmental authorities. Some of these persons will process your personal data in accordance with the Fund’s instructions and others will themselves be responsible for their use of your personal data. These persons may be permitted to further disclose the personal data to other parties.

    Transfers of your personal data outside the European Economic Area

    Your personal data may be transferred to and stored by persons outside the European Economic Area (the “EEA”), and in particular may be transferred to and stored by affiliates or service providers of the Fund or the Fund’s administrator outside the EEA.

    Where personal data is transferred outside the EEA, the Fund will ensure that the transfer is subject to appropriate safeguards or is otherwise permitted under applicable law. For example, the country to which the personal data is transferred may be approved by the European Commission, the recipient may have agreed to model contractual clauses approved by the European Commission that oblige them to protect the personal data, or the recipient may be located in the United States and be a certified member of the EU-US Privacy Shield scheme

    You can obtain more details of the protection given to your personal data when it is transferred outside the EEA, including a copy of any standard data protection clauses entered into with recipients of your personal data, by contacting the Fund using the details set out under “Contacting the Fund” below.

    Necessity of personal data for an investment in the Fund

    The provision of certain personal data is necessary for shares in the Fund to be issued to any applicant and for compliance by the Fund and its service providers with certain legal and regulatory obligations. Accordingly, if certain personal data is not provided when requested, an application for shares might not be accepted or shares might be compulsorily redeemed.

    Retention of personal data

    How long the Fund holds your personal data for will vary. The retention period will be determined by various criteria, including the purposes for which the Fund is using it (as it will need to be kept for as long as is necessary for any of those purposes) and legal obligations (as laws or regulations may set a minimum period for which the Fund has to keep your personal data).

    Your rights

    You have a number of legal rights in relation to the personal data that the Fund holds about you. These rights include the following:

    (a)        The right to obtain information regarding the processing of your personal data and access to the personal data that the Fund holds about you.

    (b)        In some circumstances, the right to receive some personal data in a structured, commonly used and machine-readable format and the right to request that the Fund transmits that data to a third party where this is technically feasible. Please note that this right only applies to personal data which you have provided to the Fund.

    (c)        The right to request that the Fund rectifies your personal data if it is inaccurate or incomplete.

    (d)        The right to request that the Fund erases your personal data in certain circumstances. Please note that there may be circumstances where you ask the Fund to erase your personal data but the Fund is legally entitled to retain it.

    (e)        The right to object to, and the right to request that the Fund restricts, its processing of your personal data in certain circumstances. Again, there may be circumstances where you object to, or ask the Fund to restrict, its processing of your personal data but the Fund is legally entitled to continue processing your personal data or to refuse that request.

    (f)         The right to lodge a complaint with the data protection regulator (details of which are provided below) if you think that any of your rights have been infringed by the Fund.

    You can exercise your rights by contacting the Fund using the details set out under “Contacting the Fund” below. You can find out more information about your rights by contacting an EU data regulator such as the UK’s Information Commissioner’s Office, or by searching their website at ico.org.uk.

    Contacting the Fund

    If you would like further information on the collection, use, disclosure, transfer or processing of your personal data or the exercise of any of the rights listed above, please address questions and requests to investor.relations@brevanhoward.com.

  • Annual Best Execution Disclosure 2017

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