A $6.8 billion hedge fund run by an industry titan keeps losing money

NEW YORK - Brevan Howard's flagship fund, run by billionaire Alan Howard, is down for the year as the firm continues to lose money.

The Brevan Howard master fund fell 4.61% this year through September, according to a client update seen by Business Insider.

The fund managed $6.8 billion at the end of August, according to a person familiar with the situation - a far drop from years earlier.

Once a titan in the industry, Brevan Howard managed about $40 billion firmwide in 2013. As of August, it managed about $11.1 billion firmwide, almost a quarter of previous assets.

The Europe-based firm invests on macroeconomic themes, and has struggled for several years, losing assets amid underperformance.

The flagship fund gained 3% last year, but lost about 2% in 2015 and 0.8% in 2014, according to data from HSBC.