Key Takeaways
- • Two macro portfolio managers, Chris Wheeler and Daniel Dangoor, have left ExodusPoint Capital less than a year after joining, according to two people familiar with the matter cited by Business Insider.
- • Each ran a separate macro investing team for the $15.5 billion multi-strategy hedge fund, which is led by Michael Gelband, and both were based in ExodusPoint's Dubai offices.
- • ExodusPoint returned 4.1% year-to-date through September after a 0.7% loss in the prior month, lagging more equity-heavy multi-strategy peers.
- • The PivotalPath discretionary macro index returned only 3.5% through September, trailing the industry composite's 6.7% gain.
- • ExodusPoint declined to comment, and neither departing PM responded to requests for comment.
Summary
Two pedigreed macro traders have departed ExodusPoint Capital, the $15.5 billion hedge fund run by Michael Gelband, according to two people familiar with the matter who spoke to Business Insider. Chris Wheeler and Daniel Dangoor each ran their own macro investing team at the firm and were based in its Dubai offices. Both had joined less than a year ago in separate moves.
Wheeler joined ExodusPoint last December after managing money for Michael Platt's BlueCrest Capital and Ken Griffin's Citadel. Dangoor started in June as a senior portfolio manager, following a one-year stint at Goldman Sachs' London office, where he was the firm's head of macro thematic trading. He has also traded for SPX Capital and Brevan Howard.
ExodusPoint declined to comment on the departures, and neither Wheeler nor Dangoor immediately responded to requests for comment. The report does not specify which segments of the macro market the two PMs focused on.
The departures come amid a difficult period for macro managers. Business Insider reported that macro firms, including Diego Megia's Taula Capital, have been caught off guard by interest-rate increases and fiscal shocks across Europe, most notably in France, where prolonged protests and rioting have followed potential budget cuts. Performance across the sector has also been weak: the PivotalPath discretionary macro index returned 3.5% through September, versus 6.7% for the industry composite. ExodusPoint has returned 4.1% for the year after a 0.7% loss last month, lagging equity-heavier multi-strategy peers.
Wheeler joined ExodusPoint last December after managing money for Michael Platt's BlueCrest Capital and Ken Griffin's Citadel. Dangoor started in June as a senior portfolio manager, following a one-year stint at Goldman Sachs' London office, where he was the firm's head of macro thematic trading. He has also traded for SPX Capital and Brevan Howard.
ExodusPoint declined to comment on the departures, and neither Wheeler nor Dangoor immediately responded to requests for comment. The report does not specify which segments of the macro market the two PMs focused on.
The departures come amid a difficult period for macro managers. Business Insider reported that macro firms, including Diego Megia's Taula Capital, have been caught off guard by interest-rate increases and fiscal shocks across Europe, most notably in France, where prolonged protests and rioting have followed potential budget cuts. Performance across the sector has also been weak: the PivotalPath discretionary macro index returned 3.5% through September, versus 6.7% for the industry composite. ExodusPoint has returned 4.1% for the year after a 0.7% loss last month, lagging equity-heavier multi-strategy peers.
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