Key Takeaways
- • Millennium Management, the $95bn multistrategy hedge fund, is losing two more credit trading portfolio management teams: the Abacove Capital pod, run by Dominick Maggio and Amit Agrawal, and the Twin Lights trading pod, led by Mark Meenan and David Ulrich, according to people familiar with the matter.
- • The departures follow Millennium's withdrawal of capital from credit-focused hedge fund Axebrook Capital and the exit of senior credit trader Manav Gupta, who had moved his own hedge fund to the platform less than six months earlier.
- • The exits coincide with heightened credit market volatility driven by concerns over AI infrastructure financing, elevated interest rates and geopolitical uncertainty, with European high-yield spreads surging to levels not seen since the 2009 financial crisis.
- • Millennium declined 2.3% in October, reducing its year-to-date gains to 5.7%; the reasons for the latest departures remain unclear.
- • At least five credit-focused portfolio managers have also left Brevan Howard, indicating the talent movement extends beyond Millennium.
Summary
Millennium Management is continuing to lose members of its credit trading business, with two additional portfolio management teams departing the $95bn multistrategy hedge fund, according to people familiar with the matter. Dominick Maggio and Amit Agrawal, who ran the Abacove Capital pod, are leaving alongside Mark Meenan and David Ulrich of the Twin Lights trading pod. Bloomberg reported the departures under the headline "Millennium Parting Ways With Two More Credit Trading Pods."
The exits follow a series of changes in Millennium's credit franchise. The firm has withdrawn capital from credit-focused hedge fund Axebrook Capital and senior credit trader Manav Gupta has left, less than six months after he moved his own hedge fund to the platform. The sources did not specify the reasons behind the latest departures.
The departures come amid heightened volatility in credit markets, which sources link to concerns over AI infrastructure financing, elevated interest rates and geopolitical uncertainty. European high-yield debt spreads have surged to levels not seen since the 2009 financial crisis. The trend is not confined to Millennium: at least five credit-focused portfolio managers have also left Brevan Howard.
Millennium declined 2.3% in October, trimming its year-to-date gains to 5.7%. The firm's performance and the credit-market backdrop make the continued turnover in its credit business a notable development for allocators tracking multistrategy platforms.
The exits follow a series of changes in Millennium's credit franchise. The firm has withdrawn capital from credit-focused hedge fund Axebrook Capital and senior credit trader Manav Gupta has left, less than six months after he moved his own hedge fund to the platform. The sources did not specify the reasons behind the latest departures.
The departures come amid heightened volatility in credit markets, which sources link to concerns over AI infrastructure financing, elevated interest rates and geopolitical uncertainty. European high-yield debt spreads have surged to levels not seen since the 2009 financial crisis. The trend is not confined to Millennium: at least five credit-focused portfolio managers have also left Brevan Howard.
Millennium declined 2.3% in October, trimming its year-to-date gains to 5.7%. The firm's performance and the credit-market backdrop make the continued turnover in its credit business a notable development for allocators tracking multistrategy platforms.
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