Millennium Management is seeing further departures from its credit trading business, with two additional portfolio management teams leaving the $95bn multistrategy hedge fund.

Dominick Maggio and Amit Agrawal, who ran the Abacove Capital pod, are departing alongside Mark Meenan and David Ulrich of the Twin Lights trading pod, according to people familiar with the matter.

The exits come amid heightened volatility in credit markets, driven by concerns over AI infrastructure financing, elevated interest rates and geopolitical uncertainty. European high-yield debt spreads have also surged to levels not seen since the 2009 financial crisis.

The departures follow Millennium's withdrawal of capital from credit-focused hedge fund Axebrook Capital and the exit of senior credit trader Manav Gupta, less than six months after moving his own hedge fund to the platform.

The trend extends beyond Millennium, with at least five credit-focused portfolio managers also having left Brevan Howard.

Millennium declined 2.3% in October, trimming its year-to-date gains to 5.7%. The reasons behind the latest departures remain unclear.