Hedge funds have all sorts of goofy names. There's one called Genius. There's another called Dabroes (as in Da Bros). Some reference murderous and conniving Greek gods. Many more just sound big and heavy. With more than 10,000 funds out there, it's basically not even worth trying anymore.
But we have to applaud former Millennium Management number-two Michael Gelband for what might be the first-ever hedge fund named out of spite: ExodusPoint. As Business Insider reports:
At least one person who flagged the name thought it was a play on the departures from Millennium who are expected to join the startup. They include Peter Hornick, Millennium's former head of business development, Business Insider reported earlier this year. Several others have recently left Millennium, and some could end up there, too.
For those who don't spend their personal time keeping apprised of the catty rivalries of hedge fund upper management, here's the backstory: Gelband, a former Lehman Brothers fixed-income trading whiz, spent eight years at Millennium, eventually rising to become the presumptive successor to Millennium founder and CEO Israel Englander. But after being denied an ownership stake alongside Izzy earlier this year, Gelband abruptly took his leave.
Apparently others have followed, making the “exodus” in ExodusPoint somewhat literal. As Hedge Fund Alerts reported last month:
There’s speculation that some senior portfolio managers will soon be leaving Millennium to join their former colleagues.
It takes some real brass to give your hedge fund a name whose sole purpose is rubbing salt in your old boss's wounds. But who knows, maybe investors dig that more than “gravitas.” At least Gelband didn't call it No Englanders Allowed Management.