Key Takeaways
- • Talent revolving door at major funds: Nathan Benabou, a top quantitative portfolio manager who departed Squarepoint in 2021 to join Point72's Cubist division, has now left Point72 with members of his seven-person team, signaling potential instability in systematic investing units at large hedge funds.
- • Recent leadership restructuring at Cubist: Point72 appointed Geoffrey Lauprete, former CIO of WorldQuant, to lead Cubist in late 2025, displacing Denis Dancanet and prompting organizational changes that may have triggered Benabou's departure and contributed to broader attrition.
- • Secondary exodus from Millennium: Khalil Bouchareb, a top Squarepoint portfolio manager who joined Millennium in early 2025, is expected to depart alongside Antoine Le Calvez, a quant researcher also from Squarepoint's ranks, indicating difficulty retaining senior talent across institutional hedge funds.
- • Squarepoint maintaining hiring momentum: Despite outflows of senior talent to larger funds, Squarepoint has recruited Mark Orsley (ex-BlueCrest) as a macro portfolio manager and Priyanka Chatterjee (ex-Verition), suggesting the firm continues building capabilities and may be recirculating talent that previously departed.
- • Pattern of lateral movement among quants: The repeat cycle of senior Squarepoint traders joining prominent funds (Point72, Millennium) and subsequently departing points to broader structural challenges in retaining quantitative talent within larger institutional environments.
Summary
Squarepoint Capital, the French-founded quantitative hedge fund, faces a persistent pattern of talent departures even among senior traders who had previously left the firm to join larger institutions. Nathan Benabou, a top quantitative portfolio manager who departed Squarepoint in 2021 to join Point72's Cubist division in Dubai, has since exited Point72 with portions of his seven-person team, though some members were redeployed within the firm. His departure appears connected to organizational restructuring at Cubist, where Point72 appointed Geoffrey Lauprete, the former CIO of WorldQuant, to lead the systematic investing unit in late 2025, displacing incumbent Denis Dancanet. Benabou, who was previously hired by Dancanet, may have been affected by this leadership transition and subsequent hiring initiatives under Lauprete's direction.
In a parallel development, Khalil Bouchareb, identified as one of Squarepoint's top portfolio managers who joined Millennium in early 2025, is expected to depart alongside Antoine Le Calvez, a quant researcher who also previously worked at Squarepoint. While Bouchareb remains at Millennium as of the report date, his exit plans underscore similar attrition patterns across institutional hedge fund platforms. Both Point72 and Millennium declined to comment on the departures, and Benabou did not respond to requests for comment.
The departures reflect broader instability in quantitative talent retention at major hedge funds, particularly following leadership changes and reorganizations. Cubist has experienced notable shifts, including the reported March 2025 departure of Issam Bazzi, another senior quant, and Lauprete's subsequent recruitment of external hires such as John Koehl from Balyasny. Despite losing senior traders to larger institutional competitors, Squarepoint itself has continued building its team, recently recruiting macro portfolio manager Mark Orsley from BlueCrest and Priyanka Chatterjee from Verition. This hiring activity suggests the firm remains positioned for growth despite the outflow of previously departed talent now exiting the larger funds to which they had migrated.
In a parallel development, Khalil Bouchareb, identified as one of Squarepoint's top portfolio managers who joined Millennium in early 2025, is expected to depart alongside Antoine Le Calvez, a quant researcher who also previously worked at Squarepoint. While Bouchareb remains at Millennium as of the report date, his exit plans underscore similar attrition patterns across institutional hedge fund platforms. Both Point72 and Millennium declined to comment on the departures, and Benabou did not respond to requests for comment.
The departures reflect broader instability in quantitative talent retention at major hedge funds, particularly following leadership changes and reorganizations. Cubist has experienced notable shifts, including the reported March 2025 departure of Issam Bazzi, another senior quant, and Lauprete's subsequent recruitment of external hires such as John Koehl from Balyasny. Despite losing senior traders to larger institutional competitors, Squarepoint itself has continued building its team, recently recruiting macro portfolio manager Mark Orsley from BlueCrest and Priyanka Chatterjee from Verition. This hiring activity suggests the firm remains positioned for growth despite the outflow of previously departed talent now exiting the larger funds to which they had migrated.
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