Hedge fund Brevan Howard is making another round of job cuts, but some of its 1,000 employees are more susceptible to dismissal than others.Get Morning Coffee ☕ in your inbox. Sign up here.Bloomberg reported earlier today that 80% of the cuts afflicted back office and technology staff and that only around 20 portfolio managers and traders have gone.Brevan Howard declined to comment for this article, but we understand that its portfolio manager and trader cuts focused almost entirely on the systematic macro team as the fund allocated risk to other strategies. The lowest performing systematic macro portfolio managers are being let go.