Brevan Howard, one of the largest hedge funds in the world, will stop charging a management fee in its flagship fund for new money from current investors.

The 0% management fee marks one of the starkest signs yet of the pressure facing hedge funds. According to people familiar with the matter, the firm has also told clients the 0% fee will apply to any gains on the existing money they have invested in the fund, meaning that clients' overall management fees will trend lower if the fund makes money.