It Looks Like Michael Gelband Won His Arbitration Case Against Izzy Englander

ExodusPoint sure does seem chock-full of Millennium exiles.
Author:
Updated:
Original:
Izzy Englander

Izzy Englander

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.

Gelband to Start Hedge Fund After Dispute With Millennium Ends [Bloomberg]

Related

Izzy Englander

Izzy Englander Has More Than Paid For His Wife’s New Alone Time Place

And Ken Griffin’s Floridian fantasies are a few million dollars closer to reality.

Izzy Englander

Michael Gelband Was *This* Close To Naming His New Hedge Fund 'Izzy Englander Can Suck It Capital Partners'

Sometimes you gotta let your SEC registration documents do your talking for you.

Izzy Englander

Izzy Englander’s Investing Prowess May Not Be Genetic

Either that or it’s skipped a generation, because his daughter’s down $2.5 million on Manhattan real estate this half-decade.

Izzy Englander

Izzy Englander Has Apparently Had Enough Of Sharing A Roof With His Family

If you’re looking for grandpa, he’s a few blocks north.

By Alexander Caravitis (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Three Floors At 740 Park Not Enough To Get Izzy Englander’s Wife The Alone Time She Needs

Caryl Englander’s got a new little $60 million space for some me-time.

coronavirus

So Maybe Coronavirus Isn’t The Volatility Trigger Hedge Funds Were Looking For

The basis trade, the risk parity trade and the quants all have a fever and dry cough.

coronavirus

Hedge Funds Catch A Serious Case Of Alpha

Can there be a pandemic every month