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Morning Brief: Brevan Howard COO Stepping Down

Jev Mehmet has reportedly resigned as chief operating officer of the London-based macro firm.

Brevan Howard Asset Management continues to undergo major changes. Jev Mehmet has resigned as chief operating officer of the embattled London-based macro firm, according to a City A.M. report. He will be replaced by Bevan Kaminer, who currently works at the firm. In addition, Brevan Howard is considering cutting some employees in its New York office and has placed its Israeli office under review, according to the report. Earlier in August, The New York Times reported that co-founder Alan Howard is planning to move back to London from Geneva for personal reasons. The Brevan Howard fund was up about 1.4 percent in July, cutting its loss for the year to about 3.9 percent. The firm has seen sizable redemptions in the past year, with the fund posting a 3 percent gain in 2016 after losing small amounts the previous two years.

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Credit Suisse Group lifted its price target on tech favorite Workday’s shares to $100 from $94, after the cloud computing specialist reported quarterly results that exceeded Wall Street expectations. It also raised its estimates for the company for fiscal 2018 and 2019. UBS Group raised its target on the stock to $121 from $115. In a note to clients, UBS said Workday’s strong earnings report “shows that it is making progress across all areas and that it continues to take share in the back-office cloud application space.” The stock rose 2 percent Thursday to close at $109.69.

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Shares of hedge fund favorite Snap fell 3 percent Thursday to close at $14.51, though there was no significant news on the company. It had been up 26 percent since most second-quarter hedge fund holdings were publicly disclosed on August 14.

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