Brevan Howard, a United Kingdom-based hedge fund, plans to "significantly expand" its cryptocurrency and digital assets, according to a new report from Reuters.

Chief Executive Aron Landy, who has been at Brevan's helm since its co-founder and long-time crypto backer Alan Howard stepped down in 2019, has stated that the firm has a "commitment to rapidly expanding its platform and offerings in cryptocurrencies and digital assets." 

Brevan's strategy going forward with crypto is two-pronged. The firm is launching a new business division, "BH Digital," to manage its crypto and digital assets, and has also hired CMT Digital Chief Executive Colleen Sullivan to lead private and venture investments in crypto.

Sullivan has led CMT Digital — a CMT Group division focused on crypto trading, blockchain investments, and legal/policy engagement in the industry — since late 2013. At Brevan, she will chair an investment committee dedicated to forging a new strategy focused on crypto technology. Landy has endorsed Sullivan's "exceptional track record in making highly successful crypto venture investments," adding that her appointment "will be of tremendous benefit to Brevan Howard clients."

Related: Regulating crypto could give it ‘halo’ of legitimacy, says UK watchdog

Brevan's crypto strategy under Landy suggests that Howard's departure has done little to dampen the firm's appetite for investing in the space. Under his leadership, the Brevan Howard Master Fund had announced it would allocate 1.5% to crypto this April, roughly $84 million. 

Howard, himself, has numerous crypto investments under his belt, including in EOS developer and the ICE-owned digital asset,s platform Bakkt. This summer he led a $25 million extension raise for London-based crypto services firm and also invested in Asian crypto investment platform Kikitrade. He also has a 25% stake with One River Digital Asset Management, a United States-based hedge fund that purchased $600 million worth of Bitcoin (BTC) and Ether (ETH) in 2020.