Brevan Howard, an alternative investment manager overseeing approximately $35 billion in assets, has expanded its relationship with Ripple to gain multi-asset prime brokerage, clearing, and financing services. The agreement was announced on October 6.
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. The expanded arrangement aims to provide Brevan Howard with access to services spanning multiple asset classes through Ripple Prime's unified platform, designed to improve capital efficiency and simplify operations.
Noel Kimmel, president of Ripple Prime, stated that the relationship represents recognition of Ripple Prime's competitive position and cross-asset capabilities in serving sophisticated investors.
Expanded Capabilities
Ripple Prime's offerings have recently broadened beyond currency trading and fixed income. On August 27, Ripple introduced equity derivatives through its Delta One business, including total return swaps that provide exposure to stocks, indices, or digital assets without direct ownership.
The foundation for these services stems from Ripple's acquisition of Hidden Road, which closed in October 2025 and became Ripple Prime. Ripple USD (RLUSD), the company's dollar-linked stablecoin, already serves as collateral within the operational infrastructure supporting professional trading alongside conventional financial instruments.
Financial Participation
Brevan Howard's relationship with Ripple extends beyond the service agreement. Funds managed by Brevan Howard affiliates participated in Ripple's $500 million strategic investment round announced on November 5, 2025, which valued Ripple at $40 billion. Other participants 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 expansion to increasing demand for institutional digital asset infrastructure as traditional and digital markets become more interconnected. He stated that Ripple's platform is expected to provide Brevan Howard's investment teams with increased operational ease and capital efficiency.
