At least five credit portfolio managers leave Brevan Howard

At least five credit portfolio managers have left Brevan Howard, according to a Bloomberg report cited by Hedgeweek. The five are Simon Gee, Jenna Collins, Adam Steer, Chris Watson and David Heinau, Hedgeweek reported, citing people familiar with the matter.

The exits follow news that credit trading head Andy Silver is stepping away from his role to take up an advisory position. Hedgeweek reports the transition is unrelated to the exits.

For a fund selector with Brevan Howard credit exposure, or one weighing it, the exits change who can speak to the strategy. The handover question is which named manager now runs each of the five books and whether authority moves to a new hire or stays with existing portfolio managers. Silver's move to an advisory position takes the credit trading head out of that day-to-day chain.

Brevan Howard manages $35 billion, and European high-yield spreads have risen to levels last seen during the 2009 financial crisis, according to Hedgeweek. Credit markets are under pressure from AI-related borrowing concerns, elevated interest rates and geopolitical uncertainty, Hedgeweek reported, and the volatility is creating challenges for multistrategy firms seeking to expand credit trading while maintaining strict risk controls. The departures add to signs of pressure across the hedge fund industry, according to the Bloomberg report cited by Hedgeweek.

Elsewhere, Hedgeweek reported that Millennium Management withdrew more than $1.5 billion from two external hedge funds, including Axebrook Capital.