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(Bloomberg) -- Swiss Re AG is looking to sell its 15 percent stake in Brevan Howard Asset Management, according to a person with knowledge of the matter.

A spokeswoman for Zurich-based Swiss Re, the world’s second-largest reinsurer, declined to comment as did a spokesman for Brevan Howard.

Swiss Re’s decision to sell the stake comes as Brevan Howard’s largest hedge fund posted its first annual loss since starting in 2003. The Brevan Howard Master Fund slipped 0.15 percent in December, bringing the annual decline to 0.8 percent, according to another person, who asked not to be identified because the information is private.

Swiss Re’s decision to seek a buyer was reported by the Wall Street Journal earlier today, which said the stake’s current value has been put at $350 million to $500 million. Brevan Howard, based in St. Helier on the island of Jersey, is one of Europe’s largest hedge-fund managers.

--With assistance from Will Wainewright in London.

To contact the reporter on this story: Oliver Suess in Munich at osuess@bloomberg.net To contact the editors responsible for this story: Mark Bentley at mbentley3@bloomberg.net Steve Bailey, Simone Meier

Bloomberg