ExodusPoint might have lost $1bn but it’s still hiring portfolio managers
Hedge fund ExodusPoint raised an additional $1bn in assets under management at the end of last year, but it seems to be chasing its tail. Assets under management (AUM) at the fund fell $1bn in the first half of 2024. Headcount has fallen too, but the fund is still hiring.
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With AUM down over $2bn or 16% in just 18 months when this year's fall and a previous fall in 2023 are taken into consideration, it's unsurprising that ExodusPoint is cutting staff. Data filed with the SEC shows that the fund went from 662 staff to 647 since the start of the year to August. Investment staff specifically fell from 312 to 308 over the period.
However, by our estimation ExodusPoint has also added at least 10 portfolio managers this year, spread around the world, including in the UK, US, and UAE.
The most recent new additions include Jean-Tristan Marin and Alexis Busquet de Caumont in London, with Marin joining from Squarepoint as a senior quant PM and de Caumont joining from BNP to run a global macro portfolio.
In Dubai, ExodusPoint added Adrian Ahmadi from Point72 to run a long-short equity pod. And in Connecticut it added J.P. Coviello from BlueCrest to run macro.
Other major hires this year include Praveen Vishesh from Modular Asset Management in Singapore, Christian Binaghi from Louis Dreyfus in New York, and John Lantz from Brevan Howard, also in New York.
ExodusPoint has returned 3.6% so far this year, according to Bloomberg. Co-founder Hyung Lee stepped down earlier this month from his role as head of equities at the firm into an advisory role.
Lee can treasure one memory at least from his time with the fund; ExodusPoint was the biggest hedge fund debut in history when it launched back in 2017, a crown it’s somehow managed to keep since then, in spite of Bobby Jain’s best efforts.
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