Traders at Hong Kong hedge fund swallowed by ExodusPoint are being given some big roles
When Hong Kong hedge fund Segantii wound down in 2024, there was an alleged "bun fight" among other hedge funds to poach its talent. The same is not happening with Ovata Capital, another hedge fund shutting its doors this year; US fund ExodusPoint has hoovered up its 40 employees and is putting them into some senior roles.
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Bloomberg reported last month that James Chen, Ovata's chief investment officer, joined ExodusPoint as its Asia head of equities. Now, Ovata's former head of trading, Kiu Ng, is joining ExodusPoint as co-head of trading for APAC. Ng's co-head is Aaron Davis, a former senior trader at Balyasny, and the pair report to global head of trading and operations, Joe Marcogliese.
Coincidentally, Ng was only at the fund for a brief time as he was one of the traders poached from Segantii after its collapse; he spent five years at Segantii and also held the role of head of trading. Prior to that, Ng spent seven years as a sales trader at Citi.
The arrival of Ovata's ~40 employees significantly bulks out ExodusPoint's Asia operations. In 2022, the fund had 75 Asian employees, including 45 investment staff; it's not clear how much that number has shifted in recent years but, according to SEC filings, global headcount has grown modestly from 615 in 2022 to 707 as of last month.
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