Investors withdrew $4.4bn from the hedge fund Brevan Howard in the second half of last year, with assets under management dipping below $16bn, down from $40bn in 2013. It ended an 11-year run of strong gains, with London-born Howard earning £132m in 2012 alone. He set up the operation in 2002 with Chris Rokos and James Vernon (both qv). Howard, 53, has announced plans for a “master fund” with $1bn of money he would manage himself. His stake in Brevan is valued at £700m. Other wealth includes an art collection and a £22m penthouse in New York's Trump Tower. His charitable foundation donated £2.9m last year.