Ripple Prime wins Brevan Howard mandate

Ripple Prime will provide prime brokerage, clearing and financing to Brevan Howard funds, the two firms announced on Tuesday. Prime brokerage means financing, clearing and trading services for hedge funds, and clearing means settling and guaranteeing completed trades.

According to Ripple’s release, the service is multi-asset, covering FX, digital assets, fixed income and derivatives. Ripple says the unified platform is designed to improve capital efficiency, meaning less collateral tied up per position, and operational simplicity.

Ripple also says the deal reflects growing demand from top-tier managers for prime brokerage across traditional and digital markets. Brevan Howard describes itself as managing about $35bn for institutional investors, a figure for its total assets under management (AUM), not for this mandate.

Noel Kimmel, President of Ripple Prime, said Brevan Howard’s trust recognises Ripple Prime’s competitive position and cross-asset capabilities. Alan McGroarty, Group Chief Operating Officer of Brevan Howard, said of Ripple:

Ripple has built a differentiated platform that we expect will provide our investment teams with increased operational ease and capital efficiency.

Alan McGroarty, Group COO, Brevan Howard

The relationship is not new. Funds managed by Brevan Howard affiliates took part in Ripple’s $500m strategic investment in 2025, so the mandate converts an investor link into a client one.

Ripple Prime is the former Hidden Road, which Ripple agreed to buy for $1.25bn in April 2025.

Much remains undisclosed. Ripple has not said how much of Brevan Howard’s assets Ripple Prime will service, which products the funds will use, or what revenue the mandate brings. It also has not stated any role for XRP or RLUSD.

LeapRate analysis: a crypto-owned prime broker now holds a mandate from a major hedge fund manager, so incumbent prime brokers competing for hedge fund flow should expect Ripple Prime in pitches. Brokers sourcing prime and clearing services across FX and digital assets may see it in their own selection processes too.

Because the scope is undisclosed, it is too early to say how much flow has moved. The announcement shows a mandate has been awarded, not how much business sits behind it.