Key Takeaways
- • ExodusPoint Capital, an $8 billion hedge fund startup led by former Millennium Management trader Michael Gelband, doubled its New York office footprint less than nine months after launch by securing an entire second floor at its East 55th Street location to accommodate ongoing expansion.
- • The firm has aggressively hired across portfolio management, middle office, and back office functions, adding more than a dozen portfolio managers in the first two months of summer 2018, followed by junior analysts, risk specialists, and accounting personnel to support operations scaling.
- • ExodusPoint has successfully recruited at least 10 Millennium Management veterans to join Gelband, including Ajay Hariharan (head of fixed income and risk technology) and Eric Vezie (senior risk manager from Brevan Howard), signaling a structured talent migration from the founder's prior firm.
- • The London office, opened in April 2018, is rapidly building revenue-generating capacity with hires including Benjamin Griguer (former Citadel portfolio manager in fixed income emerging markets), Andy Hill (ex-Balyasny head of London trading), Sean Scott (repo trader from Moore Capital), and Gabriel Ditu (algo developer).
- • Recruitment extends across elite financial institutions, including junior analyst Manan Bhandari from Goldman Sachs' macro equities team and fund accountants with experience at both Millennium and J.P. Morgan, demonstrating systematic talent acquisition from top-tier competitors.
Summary
ExodusPoint Capital is executing a rapid geographic and operational expansion less than nine months after its inception as an $8 billion hedge fund. The firm, founded by Michael Gelband following his departure from Millennium Management, has doubled its New York office footprint by leasing an entire second floor at its East 55th Street location. This expansion reflects aggressive growth across both front-office and middle/back-office functions as the fund scales its operational infrastructure to support new business lines.
The fund's hiring strategy during summer 2018 focused initially on portfolio manager recruitment, adding more than a dozen experienced traders in the first two months of the season. Recent hiring has shifted toward operational support, with the firm bringing aboard junior analysts, risk management specialists, and accounting professionals. Key appointments include Eric Vezie from Brevan Howard as senior risk manager (September 2018) and Ajay Hariharan from Millennium Management as head of fixed income and risk technology. At minimum, 10 Millennium Management veterans have followed Gelband to ExodusPoint, suggesting either a coordinated departure or compelling incentives at the newly formed fund. Additional hires include fund accountants with prior experience at Millennium and J.P. Morgan, and Manan Bhandari, a junior analyst sourced from Goldman Sachs' macro equities team.
The London office, operational since April 2018, is building revenue-generating capacity with targeted hires in fixed income and trading operations. Benjamin Griguer joined in September as a fixed income emerging markets portfolio manager, previously based at Citadel. Andy Hill, a former Balyasny trader, was named head of London trading, while Sean Scott, a repo trader from Moore Capital, joined in August. Algorithm developer Gabriel Ditu was hired in September to support systematic trading initiatives. This staffing composition indicates ExodusPoint is constructing diversified trading strategies rather than concentrating on a single investment approach or geography.
The breadth of recruitment across Millennium Management, Citadel, Balyasny, Moore Capital, Brevan Howard, and Goldman Sachs reflects ExodusPoint's ability to attract senior talent despite being a startup. The hiring pattern—beginning with senior portfolio managers and risk officers, followed by junior talent and operations staff—suggests methodical scaling aligned with business development milestones. The firm's willingness to double its office footprint in New York within nine months indicates confidence in revenue projections and fundraising success sufficient to justify significant fixed-cost commitments.
The fund's hiring strategy during summer 2018 focused initially on portfolio manager recruitment, adding more than a dozen experienced traders in the first two months of the season. Recent hiring has shifted toward operational support, with the firm bringing aboard junior analysts, risk management specialists, and accounting professionals. Key appointments include Eric Vezie from Brevan Howard as senior risk manager (September 2018) and Ajay Hariharan from Millennium Management as head of fixed income and risk technology. At minimum, 10 Millennium Management veterans have followed Gelband to ExodusPoint, suggesting either a coordinated departure or compelling incentives at the newly formed fund. Additional hires include fund accountants with prior experience at Millennium and J.P. Morgan, and Manan Bhandari, a junior analyst sourced from Goldman Sachs' macro equities team.
The London office, operational since April 2018, is building revenue-generating capacity with targeted hires in fixed income and trading operations. Benjamin Griguer joined in September as a fixed income emerging markets portfolio manager, previously based at Citadel. Andy Hill, a former Balyasny trader, was named head of London trading, while Sean Scott, a repo trader from Moore Capital, joined in August. Algorithm developer Gabriel Ditu was hired in September to support systematic trading initiatives. This staffing composition indicates ExodusPoint is constructing diversified trading strategies rather than concentrating on a single investment approach or geography.
The breadth of recruitment across Millennium Management, Citadel, Balyasny, Moore Capital, Brevan Howard, and Goldman Sachs reflects ExodusPoint's ability to attract senior talent despite being a startup. The hiring pattern—beginning with senior portfolio managers and risk officers, followed by junior talent and operations staff—suggests methodical scaling aligned with business development milestones. The firm's willingness to double its office footprint in New York within nine months indicates confidence in revenue projections and fundraising success sufficient to justify significant fixed-cost commitments.
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