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Now people are leaving ExodusPoint, the expansionary hedge fund

The tide may be turning. After sucking in portfolio managers, analysts and quants in London and New York, it seems that Michael Gelband’s ExodusPoint may be spitting them out again.

Insiders say that ExodusPoint recently parted company with Benjamin Griguer. Neither Griguer nor ExodusPoint responded to requests to comment, but the Financial Conduct Authority register shows Grigeur leaving the fund in London on 6 June after joining from Citadel around a year earlier.

The FCA register suggests Grigeur isn’t the only London exit. Both Alessandro Cipollini, a senior portfolio manager and Karim-Olivier Sadli, a senior quant analyst left in May, according to the FCA Register. Both men had worked for the fund for little over one year. Neither man responded to a request to comment.

Cipollini is understood to be taking a short period of time out of the industry before possible setting up his own fund. The FCA Register only reflects moves out of registered entities in London, meaning it’s possible that Sadli could be joining ExodusPoint’s office in New York.

Witold Bury, a former credit analyst, has definitively left ExodusPoint. Bury joined London-based Zetland Capital Partners as an investment director in May 2019 after leaving ExodusPoint in February, according to the FCA Register. 

The flow out of ExodusPoint is notable, both because it marks a change from the recent past and because Millennium Management, the fund where Michael Gelband spent most of his career, has a notoriously low tolerance for poor returns. It’s possible that Gelband is now doing the same – or that he is experiencing and exodus of his own. The fund is performing significantly worse than Point72 or Balyasny, and worse than Millennium, according to Bloomberg.  

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AUTHORSarah Butcher Insider Comment

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