Billionaire Alan Howard returns money to investors in the secret hedge fund he personally runs.

He is buying clients in the Brevan Howard AH Master Fund which he created four years ago to make bigger and riskier bets, according to people familiar with the matter. Howard will continue to manage the capital of the firm’s other two financial pools, the people said, asking not to be identified as the details are private. It is not immediately clear whether Howard is completely closing the fund.

The move marks a reversal for the manager who was in talks late last year to raise an additional $ 500 million in the fund after doubled investor cash flow in the early days of the pandemic. The company has always tried to keep every detail of the fund top secret. It’s unclear how much money he’s currently managing, and the removal of outside investors means Howard’s personal history will remain private.

A spokesperson for Jersey-based Brevan Howard Asset Management, led by CEO Aron Landy, declined to comment.

Howard is one of a number of macro hedge fund managers who have launched their own funds to make bolder bets after years of below-par performance. He and a group of other Brevan Howard fund managers who manage their own funds were instrumental in reviving the business through improved performance. Last year the company had a record year with a fund gaining 99%.

This has helped the company, which saw its assets plummet to around $ 6 billion from over $ 40 billion in 2013, attract customers. He managed $ 14.6 billion at the end of March, according to an investor document.

The Brevan Howard AH Master Fund has been one of the most profitable in the company, rising around 100% amid the volatility triggered by the pandemic early last year. In 2018, the fund made 37% in just one month. The returns marked one of the most lucrative phases of Howard’s business career.

The AH Master Fund managed money for external clients and Howard’s own cash as well as capital from Brevan Howard funds. Howard will now continue to manage allocations for Brevan Howard’s main hedge fund as well as his multi-strategic fund, one of the people said.

(Updates on recent fund performance in 7th paragraph)