Global asset management firm Brevan Howard is taking over a hedge fund spun off from crypto investment company Dragonfly Capital.

Brevan Howard, which manages more than $30 billion in assets, has entered into an agreement to assume control of Dragonfly’s “Liquid Opportunities” fund, according to unidentified people cited by Bloomberg.

The long-short strategy fund was established in June 2021 and managed by Kevin Hu, Ashwin Ramachandran and Lawrence Diao. Hu’s LinkedIn profile describes his current role as Chief Investment Officer at Nova Digital, a Brevan Howard fund. Liquid Opportunities will operate under Brevan Howard’s crypto and digital assets division, compatible with its active trading approach, Bloomberg reported, citing people familiar with the matter.

An internal Dragonfly document reviewed by Bloomberg said: “After extensive discussions, we decided that Brevan Howard, one of the largest hedge funds in the world, was the right long-term home for Kevin and his team.”

Kevin Hu’s move from Dragonfly to Brevan Howard, alongside the rest of its liquid strategies team, was reported by The Block in January, with a focus on investing in listed digital assets based out of the firm’s new Abu Dhabi office.