Clive Capital LLP paid its top- earning partner $33.5 million in the 12 months through February as the commodity hedge-fund firm managed by Chris Levett posted losses for clients for a second straight year.
Alan Howard, co-founder of Brevan Howard Asset Management LLP, saw his personal fortune climb to 1.5 billion pounds ($2.3 billion) during the past year, keeping him at the top of the annual Sunday Times list of the wealthiest U.K. hedge fund managers.
Clive Capital LLP’s assets plunged 46 percent in 2012 after the commodity hedge fund lost money for a second year running and investors withdrew their cash, said two people with knowledge of the matter.
Chris Levett’s Clive Capital LLP gained as much as $230 million in May after betting oil, power and coal prices would fall as oil tumbled as much as 12 percent, two people with knowledge of the fund said.
Michael Coleman and Doug King ’s Merchant Commodity Fund and Chris Levett ’s Clive Fund posted returns in the first 11 months that were more than four times average gains by hedge funds and outperformed index investments.