At least five credit portfolio managers have departed Brevan Howard Asset Management, adding to signs of pressure across the hedge fund industry amid heightened market volatility, according to a repot by Bloomberg. 

Simon Gee, Jenna Collins, Adam Steer, Chris Watson and David Heinau have left the $35bn hedge fund, according to people familiar with the matter.

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

Brevan Howard's Alpha Strategies Fund lost approximately 1% in October, erasing its gains for the year, while its flagship Brevan Howard Master fund returned 0.4%, reducing its year-to-date losses to 0.2%.

Credit markets have faced mounting pressure from AI-related borrowing concerns, elevated interest rates and geopolitical uncertainty. European high-yield spreads have risen to levels last seen during the 2009 financial crisis.

The volatility is creating challenges for multistrategy hedge funds seeking to expand their credit trading operations while maintaining strict risk controls.

Elsewhere, Millennium Management recently withdrew more than $1.5bn from two external hedge funds, including Axebrook Capital, while credit specialist Arini was on track to record its largest monthly loss.