Key Takeaways
- • Millennium Management recruited 32-year-old macro portfolio manager John Curtice from ExodusPoint, capitalizing on intense competition for macro talent in 2023.
- • Curtice, an MIT 2012 graduate with three years each at Mariner Investment Group and Element Capital, will join Millennium's $58 billion multi-strategy platform following his noncompete period.
- • Macro strategies have surged in demand following exceptional 2022 performance by macro-focused funds (BlueCrest, Brevan Howard, Rokos) driven by rising rates, inflation, and geopolitical volatility.
- • Multi-strategy giants including Citadel and Millennium are competing aggressively to capture larger shares of macro-trading profits while market conditions remain favorable.
- • ExodusPoint, despite lagging peer performance in 2022, demonstrated strength in macro trading, making its talent a target for larger competitors.
Summary
The competition for macro portfolio managers has intensified significantly as 2023 begins, with Millennium Management successfully recruiting John Curtice, a 32-year-old macro PM, from rival ExodusPoint Capital Management. According to people familiar with the matter, Curtice will join Izzy Englander's $58 billion multi-strategy hedge fund following completion of his noncompete obligation. Curtice graduated from MIT in 2012 and spent approximately three years in global macro roles at both Mariner Investment Group and Element Capital before joining ExodusPoint at its launch in summer 2018. Based between Dallas and Tokyo, he represents the caliber of senior talent commanding intense acquisition efforts among top-tier hedge funds.
The talent war reflects broader market dynamics that have fundamentally reshaped macro trading's attractiveness. After years of relative dormancy, macro strategies surged back to prominence in 2022 as rising interest rates, elevated inflation, and significant geopolitical disruptions created exceptional trading opportunities. Specialized macro funds including BlueCrest, Brevan Howard, and Rokos generated stellar returns during a period when most of the broader hedge fund industry—particularly equity-focused managers—suffered material losses. This performance differential has created urgency among multi-strategy platforms to secure larger allocations of macro-trading capital and talent.
Multi-strategy giants Citadel and Millennium have emerged as particularly aggressive competitors for macro talent, leveraging their scale and performance to attract senior portfolio managers. While ExodusPoint underperformed broader peer performance metrics in 2022, the firm demonstrated particular strength in macro trading, making its experienced macro practitioners especially valuable acquisition targets. Additionally, former Brevan Howard partner Ben Melkman, who launched and subsequently wound down the $1 billion Light Sky Macro fund in early 2022, has been in discussions to join a large multi-strategy platform, further illustrating the sector-wide consolidation of macro talent toward established mega-funds.
The talent war reflects broader market dynamics that have fundamentally reshaped macro trading's attractiveness. After years of relative dormancy, macro strategies surged back to prominence in 2022 as rising interest rates, elevated inflation, and significant geopolitical disruptions created exceptional trading opportunities. Specialized macro funds including BlueCrest, Brevan Howard, and Rokos generated stellar returns during a period when most of the broader hedge fund industry—particularly equity-focused managers—suffered material losses. This performance differential has created urgency among multi-strategy platforms to secure larger allocations of macro-trading capital and talent.
Multi-strategy giants Citadel and Millennium have emerged as particularly aggressive competitors for macro talent, leveraging their scale and performance to attract senior portfolio managers. While ExodusPoint underperformed broader peer performance metrics in 2022, the firm demonstrated particular strength in macro trading, making its experienced macro practitioners especially valuable acquisition targets. Additionally, former Brevan Howard partner Ben Melkman, who launched and subsequently wound down the $1 billion Light Sky Macro fund in early 2022, has been in discussions to join a large multi-strategy platform, further illustrating the sector-wide consolidation of macro talent toward established mega-funds.
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