George Klavdianos, a senior credit portfolio manager at multi-strategy major Millennium Management, has exited the firm to pursue plans for his own hedge fund, according to a report by Bloomberg citing unnamed sources familiar with the matter.

Klavdianos, who joined Izzy Englander’s firm last year, managed both synthetic and cash credit positions having previously held roles at Balyasny Asset Management – where his trading book was liquidated following losses exceeding $100m – and Citadel.

Multi-strategy funds like Millennium often face challenges in scaling credit trading, where tight risk limits can conflict with the volatility inherent in the asset class.

Both Klavdianos and Millennium declined to comment.