Brevan Howard hedge fund axes management fees for some current investors

September 26, 2016 12:41 PM EDT

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LONDON (Reuters) - Hedge fund firm Brevan Howard, one of Europe's largest, will cut its main Master fund and its Multi-Strategy fund's management fees to zero for some current investors, a source close to the matter told Reuters.

The $14.5 billion main fund, which has suffered back-to-back annual losses, joins a string of other hedge funds in lowering fees as they battle to woo investors.

Brevan will cut fees from Dec. 1 but will still charge a 20 percent performance fee.

Multi-manager hedge fund Caxton told investors this month that it was cutting fees after Och-Ziff Capital Management and Tudor Investment Corp made similar moves.

(This version of the story corrects headline and first paragraph to read "some current" instead of "new" and adds in first paragraph "Master" and "...its Multi-Strategy fund's..." to show cut in fees applies to two funds, not just the main fund)

(Reporting by Maiya Keidan; Editing by David Goodman)

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