Losses incurred from failed bets on telecom network Altice have prompted multi-strategy major Millennium Management to liquidate wagers made by Portfolio Manager and credit trading specialist Jason Feasey, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that Feasey, who managed about $750m for Millennium with three of his team members, had built bets on Altice’s vast debt complex. When the telecoms firm told creditors last month that they would have to accept haircuts to help it meet leverage targets, those positions swiftly moved against him.
Feasey, one of the best known credit derivatives traders in Europe, joins a growing list of credit managers running into trouble at multi-strat firms, which operate with tight risk limits and often prevent traders from changing their positions, preferring to cut assets once losses reach a certain level.
Prior to Millennium, Feasey managed money for Chris Rokos, Michael Platt’s BlueCrest Capital Management and Brevan Howard Asset Management.
