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.”

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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.

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