The LSE Directory / Hedge funds
ExodusPoint Capital Management is a multi-manager, multi-strategy hedge fund headquartered at Park Avenue Tower in New York, with additional offices in Stamford, London, Jersey, Dubai, Hong Kong, Singapore and Tokyo. The firm runs a platform of independent trading teams allocated capital across fixed income (rates, credit, macro and emerging markets) and equities (fundamental, statistical arbitrage, and quantitative or event-driven arbitrage), with fixed income historically the larger share of firm risk. It is registered with the SEC as an investment adviser. The firm distinguishes itself within the multi-manager peer group, alongside firms such as Millennium and Citadel, through its fee structure: rather than a flat management fee, it passes actual operating costs through to investors, a model it has defended publicly as more transparent even as the practice has drawn scrutiny across the platform-fund sector. Its target investor base is institutional, pensions, sovereign wealth funds and endowments seeking diversified, lower-volatility returns from a large multi-book platform rather than single-strategy exposure. Michael Gelband and Hyung Lee founded ExodusPoint in April 2017 after leaving Millennium Management, where Gelband had headed fixed income and Lee had headed equities. Gelband left after being turned down for an ownership stake, and Millennium's subsequent arbitration case against him ended in his favor, clearing the way for him to hire staff. The firm began trading external capital in mid-2018 with roughly 8.5 billion dollars, at the time reported as the largest hedge fund launch on record. Assets under management stood at roughly 12 billion dollars at the end of 2025 and grew to about 14.5 billion dollars after a 2 billion dollar capital raise completed in June 2026, with participation from the Abu Dhabi Investment Council, an arm of Mubadala Investment Company. The firm employed 681 people as of April 2026. ExodusPoint posted an 18 percent return in 2025, its strongest annual performance since launch, which the firm attributed in part to expanded equities capabilities. That performance underpinned the June 2026 capital raise, its first significant fundraising since a smaller 1 billion dollar raise in 2023, a year in which it had also absorbed roughly 1 billion dollars in client withdrawals.
