When it came to naming his planned hedge fund venture, Michael Gelband was not interested in weight or heft. Nor was he interested in subtlety. No, just months after Israel Englander’s one-time heir apparently shocked the old man with a post-New Year’s resignation letter—on account of not being the heir apparent anymore or not getting a promotion or not getting an equity stake, or potentially some other reason—he dubbed his shop “ExodusPoint Capital Management.” Get it? There’s an exodus of talent from Millennium Management and it’s all going one place.
Well, Izzy certainly got it, and he did not like it one bit. Also, did Gelband remember all of those byzantine non-competes he signed during his eight years at Millennium? The ones that said he couldn’t just hire everyone he ever worked with there? What’s an ExodusPoint with any exiles, exactly, Mike?
Well, neither he nor Englander nor the rest of us will ever know. Because, while we’ll also never really know in any kind of official way how Millennium’s arbitration case against Gelband turned out, it doesn’t look like it did much to staunch the exodus to ExodusPoint.
Hyung Soon Lee, who was in charge of equities at Millennium until October 2016, is a co-founder…. Lee and Gelband had worked together for more than two decades, going back to their days at Lehman Brothers Holdings Inc. ExodusPoint will have several other big names from Millennium on its roster, the person said.
Dev Joneja, global head of risk at Millennium, will be chief risk officer at ExodusPoint. Enrico Corsalini, who was global business manager for fixed income, will serve as chief financial officer and chief operating officer. Mike Chew, who was head of risk technology for the bond group at Millennium, will take the role of chief technology officer.