Key Takeaways
- • ExodusPoint has experienced multiple senior departures in recent months, including Benjamin Griguer (departed June 6), Alessandro Cipollini and Karim-Olivier Sadli (both departed May), and Witold Bury (departed February 2019), marking a reversal from the fund's earlier aggressive hiring phase under founder Michael Gelband.
- • The departures span portfolio management, quantitative research, and credit analysis roles across London and potentially New York offices, with affected employees having tenures of approximately one year or less, suggesting potential performance or retention issues.
- • ExodusPoint's performance has lagged peer multistrategy hedge funds including Point72, Balyasny, and Millennium Management—the fund where Gelband spent most of his career—according to Bloomberg data available at the time.
- • One confirmed departure, Witold Bury, transitioned to Zetland Capital Partners as an investment director; another, Cipollini, is taking time away from the industry before potentially launching his own fund, indicating both external competition and internal restructuring pressures.
Summary
ExodusPoint Capital Management, the multistrategy hedge fund founded by Michael Gelband, is experiencing a notable outflow of senior talent after a period of significant expansion. The Financial Conduct Authority register reveals at least four confirmed departures from the London office between February and June 2019, marking a sharp contrast to the fund's aggressive hiring in prior years.
Benjamin Griguer, a portfolio manager who joined from Citadel approximately one year prior, departed on June 6, 2019. In May, Alessandro Cipollini, a senior portfolio manager, and Karim-Olivier Sadli, a senior quant analyst, both left the firm after similarly brief tenures of just over one year. Earlier, in February 2019, credit analyst Witold Bury exited the fund and subsequently joined London-based Zetland Capital Partners as an investment director. Neither departing employees nor ExodusPoint management provided commentary on the exits.
The exits are particularly significant given the fund's operational context. Gelband, who spent the majority of his career at Millennium Management—a multistrategy firm known for stringent performance discipline and low tolerance for underperformance—appears to be implementing similar standards at ExodusPoint. However, the pattern of departures suggests potential challenges: the fund's performance has significantly underperformed comparable multistrategy competitors including Point72 and Balyasny, and has trailed Gelband's former employer Millennium Management, according to Bloomberg performance data.
While the FCA register only captures London office movements, it remains possible that some departing talent, particularly Sadli, may have relocated to ExodusPoint's New York operations rather than left the firm entirely. Cipollini is understood to be taking a hiatus before potentially launching an independent fund, suggesting the departures reflect both external competitive pressure and internal career development decisions.
Benjamin Griguer, a portfolio manager who joined from Citadel approximately one year prior, departed on June 6, 2019. In May, Alessandro Cipollini, a senior portfolio manager, and Karim-Olivier Sadli, a senior quant analyst, both left the firm after similarly brief tenures of just over one year. Earlier, in February 2019, credit analyst Witold Bury exited the fund and subsequently joined London-based Zetland Capital Partners as an investment director. Neither departing employees nor ExodusPoint management provided commentary on the exits.
The exits are particularly significant given the fund's operational context. Gelband, who spent the majority of his career at Millennium Management—a multistrategy firm known for stringent performance discipline and low tolerance for underperformance—appears to be implementing similar standards at ExodusPoint. However, the pattern of departures suggests potential challenges: the fund's performance has significantly underperformed comparable multistrategy competitors including Point72 and Balyasny, and has trailed Gelband's former employer Millennium Management, according to Bloomberg performance data.
While the FCA register only captures London office movements, it remains possible that some departing talent, particularly Sadli, may have relocated to ExodusPoint's New York operations rather than left the firm entirely. Cipollini is understood to be taking a hiatus before potentially launching an independent fund, suggesting the departures reflect both external competitive pressure and internal career development decisions.
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