Ripple Prime expands Brevan Howard relationship with multi-asset prime brokerage services
The Oct. 6 agreement adds clearing and financing for Brevan-managed funds across traditional and digital markets.
Ripple expanded its relationship with Brevan Howard on Oct. 6, 2026, adding Ripple Prime’s multi-asset prime brokerage, clearing, and financing services for funds managed by the alternative investment manager. The move builds on a 2025 Ripple investment round that included Brevan Howard-affiliated funds and valued Ripple at $40 billion.
Key Takeaways
- Ripple Prime will provide multi-asset prime brokerage, clearing and financing services to funds managed by Brevan Howard, which is described as having about $35 billion in assets under management.
- The expanded agreement gives Brevan Howard access to Ripple Prime across both traditional and digital asset markets under a single prime brokerage umbrella.
- Brevan Howard-affiliated funds previously participated in a $500 million Ripple investment in 2025 that valued the company at $40 billion.
- Ripple Prime raised $275 million through a senior note offering in August to fund expansion into prime brokerage, financing and multi-asset clearing, though the year was not specified.
Ripple Prime Adds Brevan Howard Funds to Its Multi-Asset Prime Brokerage Stack
Ripple said it has expanded its relationship with Brevan Howard to include Ripple Prime’s multi-asset prime brokerage, clearing and financing services for funds managed by the alternative investment manager.
The expanded agreement was announced Oct. 6, 2026. Ripple described the arrangement as giving Brevan Howard access to Ripple Prime’s services across traditional and digital asset markets, extending the relationship beyond capital markets participation into day-to-day trading and financing infrastructure.
The service bundle matters because it puts Ripple Prime in the operational path of an institutional manager’s execution and balance sheet needs, rather than leaving the relationship at the level of a prior investment or strategic partnership.
What Brevan Howard Gets: Clearing and Financing Across Traditional and Digital Markets
For Brevan Howard, the practical change is access to a single provider for prime brokerage functions that can span both traditional markets and digital assets, including clearing and financing.
Prime brokerage is typically the bundled layer that sits between a fund and the venues it trades on, handling operational support that can include trade execution services, clearing, and credit. Clearing is the post-trade process that finalizes transactions by confirming and settling trades between counterparties. Financing refers to credit and borrowing tools funds use to support positions.
Brevan Howard is described as having about $35 billion in assets under management, with a client base that includes sovereign wealth funds, corporate and public pension plans, foundations and endowments. That mix is a reminder of who the product is being built for: institutions that care as much about operational plumbing and counterparty setup as they do about access to a new market.
Brevan Howard chief operating officer Alan McGroarty framed the move around cross-market convergence, saying: "As digital and traditional markets become more interconnected, the need for institutional-quality digital asset infrastructure that enables a seamless experience for investors is only growing".
Ripple’s Prime Brokerage Buildout: Hidden Road Acquisition and the $275M Senior Notes
The Brevan Howard expansion lands inside a broader buildout of Ripple’s prime brokerage push that started with corporate development and has since moved into funding.
Ripple launched its prime brokerage business after acquiring prime broker Hidden Road for about $1.25 billion in 2025. The company has also pointed to debt financing as a way to scale the platform. Ripple Prime raised $275 million through a senior note offering in August to fund expansion into prime brokerage, financing and multi-asset clearing.
A senior note offering is a debt raise where the issuer sells notes that rank ahead of other unsecured debt in repayment priority. The packet does not specify the year of the August offering, only that it preceded the Oct. 6, 2026 announcement.
The relationship between Ripple and Brevan Howard also has a capital-markets history. Brevan Howard-affiliated funds participated in a $500 million investment in Ripple in 2025 that valued the company at $40 billion.
Next Signals: More Institutional Onboarding and Clarity on Ripple Prime’s Expansion Timeline
The next concrete signal will be whether Ripple Prime names additional institutional funds onboarding to its clearing and financing stack after the Brevan Howard expansion.
Traders will also be looking for more detail from Ripple on the timing and use of proceeds for the $275 million senior note offering, including confirmation of the year and how quickly the capital is being deployed into prime brokerage, financing, and multi-asset clearing.
Another open item is product scope. Ripple has positioned Ripple Prime as spanning traditional and digital markets, but the packet does not specify which traditional markets are covered or which digital-asset venues are included, and that detail is likely to matter more as more clients are added.
