(Bloomberg) -- Billionaire Alan Howard, co-founder of the $15.6 billion Brevan Howard Asset Management, is creating a new hedge fund that will be overseen solely by him, according to people with knowledge of the matter.

The Brevan Howard AH Master Fund will manage a combination of new, outside capital as well as money from Brevan Howard's flagship fund, said the people, who asked not to be identified because the plans are private. The outside money will be capped at $1 billion, and the fund will begin trading March 1, said one of the people. A spokesman for the firm declined to comment.

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