Just how fast is ExodusPoint Capital growing? The $8 billion hedge fund startup just doubled the size of its footprint in New York, despite opening its doors less than nine months ago. The firm has inked a deal to rent out an entire second floor at its East 55th Street office in New York as it continues to make new hires, particularly in the middle and back office.
The fund, led by former Millennium Management star trader Michael Gelband, added more than a dozen portfolio managers in New York over the first two months of the summer. Now, the hedge fund seems to be filling in the gaps, hiring more junior analysts as well as risk and accounting specialists.
In September, ExodusPoint hired Eric Vezie from Brevan Howard to be its senior risk manager. The move came shortly after the hedge fund added Millennium’s Ajay Hariharan as its head of fixed income and risk technology. Hariharan joins at least 10 other Millennium Management veterans to follow Gelband to ExodusPoint, giving additional credence to rumors that the name of the fund may have been a subtle departing jab by Gelband at his former employer. ExodusPoint also just hired two fund accountants (yes, one worked at Millennium before a short stop at J.P. Morgan) and junior analyst Manan Bhandari, who was poached from Goldman Sachs’ macro equities team.
Opening its London office in April, ExodusPoint appears to be focusing on adding more revenue generators in the U.K. Former Citadel trader Benjamin Griguer joined in September as a portfolio manager focusing on fixed income in emerging markets. The fund also just named former Balyasny trader Andy Hill as its head of London trading. Repo trader Sean Scott was hired in August from Moore Capital, while algo developer Gabriel Ditu joined in September.
The rush of new hires and rapid expansion of ExodusPoint’s New York office showcases how most hedge funds prefer to add headcount: through personal networking. The fund doesn’t even have an operational website, though it did name Alessandra Sassun as its head of human capital in May. If you've never worked at Millennium, she may be the person to know.
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