Five Credit Managers Exit Brevan Howard Amid Market Volatility
Brevan Howard Asset Management lost five credit portfolio managers as the hedge fund faces market volatility and broader industry instability.
At least five credit portfolio managers—Simon Gee, Jenna Collins, Adam Steer, Chris Watson, and David Heinau—have departed Brevan Howard Asset Management. These exits follow the transition of credit trading head Andy Silver to an advisory role, although the firm maintains that the two developments are unrelated.
The departures come as the $35bn hedge fund navigates significant market volatility. Its Alpha Strategies Fund lost approximately 1% in October, a decline that erased previous annual gains. Meanwhile, the flagship Brevan Howard Master fund reduced its year-to-date losses to 0.2%.
Broader credit markets are currently under pressure from elevated interest rates, geopolitical uncertainty, and borrowing concerns related to artificial intelligence. In Europe, high-yield spreads have reached levels not seen since the 2009 financial crisis. This instability is appearing across the hedge fund industry; Millennium Management recently withdrew over $1.5bn from external funds, including Axebrook Capital.
