Brevan Howard selects Ripple Prime for prime brokerage and clearing services
Alternative asset manager Brevan Howard has selected Ripple Prime to provide multi-asset prime brokerage, clearing, and financing services across traditional and digital markets.
Alternative investment manager Brevan Howard will use Ripple Prime for prime brokerage, clearing, and financing across multiple asset classes, expanding an existing institutional partnership between the two firms. Brevan Howard, which oversees global macro and digital asset investment strategies, manages roughly $35 billion for institutional clients including sovereign wealth funds, pension plans, and endowments. The companies did not disclose financial terms, the start date for the services, or which specific funds are covered.[2][1][3]
Alan McGroarty, Brevan Howard's group chief operating officer, stated that Ripple's platform is expected to provide investment teams with increased operational ease and capital efficiency. Noel Kimmel, president of Ripple Prime, described the asset manager's trust in the unit as validation of its cross-asset capabilities and competitive positioning. The mandate builds on an investor relationship, as funds managed by Brevan Howard affiliates participated in Ripple's $500 million strategic funding round in November 2025 at a $40 billion valuation.[2][1]
Ripple Prime represents the former non-bank prime broker Hidden Road, which Ripple agreed to acquire for $1.25 billion in April 2025 and integrated that October. Since the takeover, Ripple has broadened the unit's reach by adding support for decentralized exchange Hyperliquid, securing up to $200 million in debt financing for client lending, issuing $275 million in BBB-rated senior unsecured notes, and launching a Delta One business providing total return swaps across digital assets, equities, and indices.[2]
Key facts
- Brevan Howard selected Ripple Prime to provide multi-asset prime brokerage, clearing, and financing services.
- Brevan Howard manages approximately $35 billion for institutional investors, including pension funds, endowments, and sovereign wealth funds.
- Financial terms, specific Brevan Howard funds covered, and service commencement dates were not disclosed.
- Affiliates of Brevan Howard previously backed Ripple by participating in its $500 million strategic funding round in November 2025.
- Ripple Prime was established after Ripple acquired prime broker Hidden Road for $1.25 billion in a deal completed in October 2025.
- Ripple Prime's 2026 expansions include launching a Delta One desk, supporting Hyperliquid, securing up to $200 million in debt financing, and issuing $275 million in senior unsecured notes.
Sources · 3 sources
- BS
BSCN@BSCNewsPost on X ·
Ripple Prime is giving a macro asset manager access to Crypto and Traditional Markets! @Ripple has expanded its relationship with Brevan Howard, one of the world's leading alternative investment managers. Ripple will become a multi-asset prime broker, clearing, and financier to the firm’s funds. Ripple Prime President Noel Kimmel and Brevan Howard Group COO Alan McGroarty describe the deal as giving a $35B macro asset manager access to liquidity and financing across traditional and crypto markets.
Open source - UN
UnchainedArticle ·
Ripple Backer Brevan Howard Taps Ripple Prime for Prime Brokerage and Clearing Brevan Howard , the alternative investment manager that put money into Ripple last year, will use Ripple Prime , the crypto company’s prime brokerage arm, for prime brokerage, clearing and financing across multiple asset classes, the two firms announced on Tuesday. The companies described the deal as an expansion of their existing relationship. They did not disclose financial terms, say which Brevan Howard funds are covered or say when the services begin. Brevan Howard, which focuses on global macro and digital asset strategies, manages about $35 billion for institutional clients including sovereign wealth funds, pension plans and endowments, according to the announcement. “Ripple has built a differentiated platform that we expect will provide our investment teams with increased operational ease and capital efficiency,” Alan McGroarty , Brevan Howard’s group chief operating officer, said in the joint release. Noel Kimmel , president of Ripple Prime, said in the same release that Brevan Howard’s trust in the unit “is recognition of our strong competitive position and cross-asset capabilities.” Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . From Investor to Client Funds managed by Brevan Howard affiliates were among the backers of Ripple’s $500 million strategic investment in November 2025, a round led by affiliates of Fortress Investment Group and Citadel Securities that valued Ripple at $40 billion . Pantera Capital, Galaxy Digital and Marshall Wace also took part. In March, Ripple announced a $750 million share buyback at a $50 billion valuation. Building Out Ripple Prime Ripple Prime is the former Hidden Road , a non-bank prime broker that Ripple agreed to buy for $1.25 billion in April 2025 and took over that October. At the time of the deal, Ripple said Hidden Road cleared $3 trillion a year for more than 300 institutional customers. Ripple has since added capital and products to the unit. In February, it added support on Ripple Prime for decentralized derivatives exchange Hyperliquid . In May, it lined up up to $200 million in debt financing from funds managed by Neuberger Specialty Finance, money set aside for lending to Ripple Prime clients. Ripple said at the time that the unit’s revenue had tripled year over year since the acquisition. In August, Ripple Prime sold $275 million in senior unsecured notes, which credit rating agency KBRA rated BBB, and launched a Delta One business offering total return swaps on U.S.-listed equities, indices and digital assets. Related Listen: The Chopping Block: Bitget’s 388 Million Dollar Hack, Kalshi’s Cooked Perps Volume, and Agentic Bank Runs The post Ripple Backer Brevan Howard Taps Ripple Prime for Prime Brokerage and Clearing appeared first on Unchained .
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Ripple and Brevan Howard are deepening their relationship, with the hedge fund expanding its use of Ripple's institutional infrastructure and digital-asset products. Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to Brevan Howard funds. The partnership builds on Brevan Howard’s existing investment in Ripple and its participation in Ripple’s $500 million strategic funding round last year.
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