London-based hedge fund Brevan Howard has tapped credit derivatives professional Stephen Stonberg, a managing director in principal investments at JPMorgan. Officials familiar with the move say he will join the fast-growing hedge fund as head of business development. Stonberg declined all comment when reached on his cell. Officials at the USD10 billion hedge fund did not return calls or emails by press time. Stonberg left JPMorgan in June after five years, where he previously held the role of head of European credit derivative marketing. He reported to Patrik Edsparr, global head of rates and securitized products, who was traveling and not available for comment. His duties have been absorbed by Oldrich Masek, head of the securitized product group, said Sarah Oppler, spokeswoman in London.
Stonberg was a high-profile hire from Deutsche Bank in 2001, where he was global head of the structured products group. He was brought on board with much fanfare to beef up the firm's repackaging and structured credit expertise (8/13/2001). In turn, he joins a string of big hires at Brevan Howard since the hedge fund's launch in 2003 by Alan Howard, former head of propriety trading at Credit Suisse.
