$35B Brevan Howard Taps Ripple Prime for Multi-Asset Brokerage

Brevan Howard Adds Cross-Asset Support Through Ripple Prime

Brevan Howard funds will gain multi-asset prime brokerage, clearing, and financing services through an expanded agreement announced with Ripple on Oct. 6. An alternative investment manager oversees funds that use specialized strategies or invest beyond traditional stock and bond portfolios. These approaches can include trading on economic trends and investing in digital assets.

Prime brokerage combines services that help investment funds manage trading relationships, financing, and positions across financial markets. Clearing handles obligations arising from trades, while financing supplies funding to support investment activity.

Ripple outlined the broader relationship with Brevan Howard and attributed the expansion to growing demand from investment managers for prime brokerage solutions across traditional and digital markets within a regulated framework. The company emphasized that Brevan Howard would gain access to services spanning asset classes and products through Ripple Prime’s unified platform, designed to improve capital efficiency and simplify operations.

Noel Kimmel, president of Ripple Prime, described the expanded relationship as a long-term commitment to shared success, stating:

“There are few firms equipped to provide the next generation of prime services that sophisticated investors expect, and Brevan Howard’s trust in Ripple Prime is recognition of our strong competitive position and cross-asset capabilities.”

Equity Derivatives Join Ripple Prime’s Broader Offering

The expanded agreement follows a broader rollout of capabilities that place equities alongside Ripple Prime’s existing financial products. On Aug. 27, Ripple introduced equity derivatives through its Delta One business. Derivatives are contracts linked to underlying assets. Ripple Prime’s live offering includes total return swaps, which deliver exposure to stock, index, or digital asset performance without direct ownership.

Those capabilities extend a business covering currency trading and fixed income, such as bonds, established through the acquisition of Hidden Road. The transaction closed in October 2025, when Hidden Road became Ripple Prime. At that time, Ripple disclosed that Ripple USD (RLUSD), its dollar-linked stablecoin, already served as collateral, meaning assets pledged to secure financial obligations.

That existing collateral use places RLUSD within the operational infrastructure supporting professional trading, alongside more conventional financial instruments. Stablecoins designed to track an external asset’s value typically target a national currency.

A $500 Million Funding Round Preceded the Expanded Agreement

Brevan Howard oversees about $35 billion through strategies spanning global macro and digital assets. Founded in 2002, Brevan Howard combines research into broad economic trends with trade structuring and risk management. Its institutional investor base includes sovereign wealth funds, corporate and public pension plans, foundations, and endowments.

The relationship also includes an equity investment made before the new agreement. Funds managed by Brevan Howard affiliates participated in Ripple’s $500 million strategic investment round announced Nov. 5, 2025. That transaction valued Ripple at $40 billion.

Other participants in the funding round included funds associated with Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, and Marshall Wace. Alan McGroarty, Brevan Howard’s group chief operating officer, linked the latest expansion to increasing demand for institutional digital asset infrastructure as markets become more interconnected.

McGroarty outlined the expected benefits for his teams:

“Ripple has built a differentiated platform that we expect will provide our investment teams with increased operational ease and capital efficiency.”