The last time that Michael Gelband's hedge fund ExodusPoint issued accounts for its operation in London, it looked like it was being a little too generous with staff. Not any more.
In the year ending December 31st 2018, Gelband paid his average London staff member £627k ($846k) and scraped a profit of just £2.5m for distribution among its partners. One year later, profits for distribution among ExodusPoint's London partners substantially improved.
ExodusPoint just released its accounts for the year ending December 31st 2019 with the U.K.'s companies house. They show London partners' profit share increasing to £22.5m. At the end of 2019, ExodusPoint had five London partners (up from two the year before) and the highest paid among them received £9.3m. However, one of the London Partners was 'ExodusPoint Services', rather than an actual individual.
ExodusPoint substantially increased overall (non-partner) London headcount in 2019, hiring an extra 58 people and taking its total number of employees to 80 at the end of the year. Average pay per head for these employees was slightly lower than in 2018, at £568k ($766k) in 2019.
ExodusPoint clearly pays very well, but it appears to pay less than multi strategy hedge fund rivals like Citadel and Millennium. Citadel Management Ltd. paid the average of its 218 employees in London $1.1m in 2019. Coincidentally, Millennium Capital Partners LLP also paid the average of its 166 London investment staff $1.1m each.
After an even stronger year in 2020, ExodusPoint might want to contemplate hiking compensation to compete with rivals.
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