At least two more credit trading pods running money for Millennium Management are leaving the hedge fund giant. Dominick Maggio and Amit Agrawal, who ran Abacove Capital within Millennium, are leaving, according to people with knowledge of the matter. Mark Meenan and David Ulrich, who managed money at Twin Lights, another internal trading pod of Millennium, are also leaving, the people said, asking not to be identified because the information is private.
The departures come after a period of intense volatility in credit markets, which have been roiled by concerns about the financing of the AI build-out, elevated interest rates and geopolitical shocks. It is not immediately clear why the pods are leaving Millennium. Maggio and a representative for Millennium declined to comment. Meenan and Ulrich did not immediately respond to a request for comment.
Spreads on European junk debt have been spiking to levels not seen since the 2009 financial crisis, causing challenges for credit strategies. Funds running a series of other strategies have also been caught out by the technology-driven stock sell-off and the shock outcome of the Brazilian election last month.
Abacove and Twin Lights join at least two other credit managers that have parted ways with Millennium in recent days. Millennium pulled capital from credit-focused hedge fund Axebrook Capital, while Manav Gupta, a senior credit trader, left within six months of moving his own hedge fund to the multistrategy giant, Bloomberg has reported. At least five portfolio managers focused on credit trading at Brevan Howard Asset Management have also left. Millennium, which has about $95 billion in capital, was down 2.3% in October, trimming gains for the year to 5.7%.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing