At a glance
- Dominick Maggio and Amit Agrawal, who ran the Abacove Capital pod, are departing along with Mark Meenan and David Ulrich of the Twin Lights pod, according to people familiar with the matter.
- Allocators vetting Millennium's credit exposure now have fewer named internal credit teams to assess after Abacove and Twin Lights departed.
- Opalesque reported on Nov. 2 that the firm pulled over $1.5 billion from two external hedge funds.
Two more credit trading pods are leaving Millennium Management, the $95 billion multistrategy hedge fund, Hedgeweek reported on Nov. 6.
Dominick Maggio and Amit Agrawal, who ran the Abacove Capital pod, are departing along with Mark Meenan and David Ulrich of the Twin Lights pod, according to people familiar with the matter. The exits follow Millennium's withdrawal of capital from credit-focused hedge fund Axebrook Capital and the departure of senior credit trader Manav Gupta less than six months after he moved his hedge fund onto the platform.
Allocators vetting Millennium's credit exposure now have fewer named internal credit teams to assess after Abacove and Twin Lights departed.
Opalesque reported on Nov. 2 that the firm pulled over $1.5 billion from two external hedge funds.
Credit markets have turned more volatile on concerns over AI infrastructure financing, elevated interest rates and geopolitical uncertainty, with European high-yield spreads at levels not seen since the 2009 financial crisis, Hedgeweek reported.
As Alternatives previously reported, at least five credit portfolio managers have also left Brevan Howard.
Reported by the Hedge Funds & Liquid Alts desk from Hedgeweek, Opalesque and Alternatives archive. Published . Corrections