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Hedge fund ExodusPoint is adding PMs after raising new funds

Hedge fund ExodusPoint didn't have a bad 2023. It may not have been on a par with Citadel, where Bloomberg said returns last year were over 15%, and it may not have actually beaten the 20% rise in the S&P 500, but Michael Gelband's firm outperformed the likes of Schonfeld and Balyasny and set about raising $1bn in the fourth quarter. Now it seems to be putting that money to work. 

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It's barely the second week of January, and ExodusPoint has added four portfolio managers already. ✨

Three of the four are in London. They include Angus Abbott, a London-based inflation trader, who as we reported yesterday, has made the interesting decision to exit Barclays.

There's also Andy McDougall, a former emerging markets macro portfolio manager at Millennium and onetime managing director at JPMorgan and senior trader at Credit Suisse and Barclays.

There's Marianna Georgakopoulou who joined in London from creaking Schonfeld, where she was a portfolio manager trading global macro.

And in New York, there's Jeff Knightly, who joined ExodusPoint from Avidity where he was a Partner trading non-therapeutics companies. Prior to that, he worked at Citadel as an analyst for nearly 2.5 years.

ExodusPoint's London portfolio managers and partners were paid an average of £927k ($1.1m) per head in “wages and salaries” in 2022 (the most recent year for which figures are available) and there was a further £64m of profit available for distribution between members. 

After cutting headcount in 2021, the firm has been expanding again. It's not clear how many people were added last year, but in 2022 ExodusPoint added 36 portfolio managers globally. 

This year's hires were presumably secured last year. It's not uncommon for hedge funds to have long non-compete periods, unless individuals are out of the market. 

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Photo by Ernie Journeys on Unsplash

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AUTHORSarah Butcher Global Editor
  • Ex
    ExecutiveSearch
    10 January 2024

    Exodus is currently offering some great terms to bring in new PMs in what is still a hot market for talent. Getting north of 25% passed through for the first X million made isn’t uncommon.

  • my
    myalias
    9 January 2024

    EP raised $1bn in Q4, wow. These big institutional investors really just have too much cash to deploy. Jain Global launch just shows this as well.

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