Hedge Funds
Brevan Howard loses at least five credit portfolio managers as Alpha Strategies slips back to flat for 2026
The exits at the roughly $35 billion London manager come as credit stress tests multi-strategy risk limits.
HedgeWeekly Hedge Fund Desk ·
At least five credit portfolio managers have left Brevan Howard Asset Management, the roughly $35 billion hedge fund group, according to people familiar with the matter cited by Hedgeweek in a report that originated with Bloomberg. The departing managers are named as Simon Gee, Jenna Collins, Adam Steer, Chris Watson and David Heinau.
Separately, credit trading head Andy Silver is stepping back into an advisory role. The reports say that change is unrelated to the other exits.
On performance, the firm's Alpha Strategies fund lost about 1% in October, wiping out its gains for the year. The flagship Master Fund returned 0.4%, trimming its 2026 loss to 0.2%. Hedgeweek said credit markets are under pressure from concerns about borrowing tied to artificial intelligence, high interest rates and geopolitical uncertainty, with European high-yield spreads at levels last seen during the 2009 financial crisis.
Credit has been a growth area for multi-strategy platforms, and a wave of senior departures during a spread-widening episode tests how much risk capacity those businesses can sustain. Allocators in multi-manager funds will want to ask how teams are being replaced and whether credit risk limits have tightened, particularly as the same report noted Millennium pulled more than $1.5 billion from two external funds.