HedgeCo.Net — Two of the industry’s largest multistrategy platforms are shedding credit talent at the same time. Millennium Management, the $95 billion firm founded by Izzy Englander, is losing two more credit trading pods: Dominick Maggio and Amit Agrawal, who ran the Abacove Capital pod, and Mark Meenan and David Ulrich of the Twin Lights pod, according to people familiar with the matter cited by Hedgeweek. At Brevan Howard, at least five credit portfolio managers, Simon Gee, Jenna Collins, Adam Steer, Chris Watson and David Heinau, have left the $35 billion firm, Hedgeweek reported, citing Bloomberg.
The Millennium exits follow the firm’s withdrawal of capital from credit-focused manager Axebrook Capital and the departure of senior credit trader Manav Gupta less than six months after he moved his own hedge fund onto the platform. Millennium declined 2.3% in October, trimming its year-to-date gain to 5.7%. The reasons behind the latest pod departures have not been disclosed.
At Brevan Howard, the departures come as credit trading head Andy Silver steps back into an advisory role, a transition that is unrelated to the latest exits, according to the Bloomberg report cited by Hedgeweek. Brevan Howard’s Alpha Strategies Fund lost about 1% in October, erasing its gains for the year, while the flagship Brevan Howard Master fund returned 0.4%, leaving it down 0.2% year to date.
The backdrop is a credit market under strain. Concerns over AI infrastructure financing, elevated interest rates and geopolitical uncertainty have pushed European high-yield spreads to levels last seen during the 2009 financial crisis, according to Hedgeweek. Business Insider noted that multistrategy funds turn over roughly 20% of their portfolio managers in an average year, and that the pace of losses and departures in October and early November has been unusual even by that standard.
For allocators, the pattern matters more than any single exit. Hedgeweek noted that the volatility is making it harder for multistrategy funds to expand credit trading while maintaining strict risk controls, and two of the largest platforms losing credit teams in the same week suggests the pressure is industry-wide rather than firm-specific. The near-term questions are whether the platforms backfill credit capacity or shrink it, and whether departing teams resurface as standalone launches or at rival platforms.