Gelband to Start Hedge Fund After Dispute With Millennium Ends

  • Gelband and Hyung Soon Lee are said to launch ExodusPoint
  • Millennium and Gelband went to arbitration over hiring

Michael Gelband, the former head of credit at Millennium Management, will start his long-anticipated hedge fund in the next six months after resolving a hiring dispute with billionaire Izzy Englander.

Gelband, who was once seen as Englander’s heir apparent at Millennium and who quit last January, will lead the new firm, ExodusPoint Capital Management, according to a person familiar with the company’s structure. Hyung Soon Lee, who was in charge of equities at Millennium until October 2016, is a co-founder.

Gelband departed Millennium after failing to convince Englander, who founded the hedge fund, to give him a more prominent role and a stake in the firm. Englander and Gelband went to arbitration over whether he could hire several former Millennium colleagues and the timing of starting the firm. A Millennium spokesman and Gelband declined to comment for this article.

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. The firm will have more than 20 investment professionals and wager globally across different assets.

Michael Neus, formerly of Perry Capital, will be general counsel at ExodusPoint. Garrett Berg, from Hoplite Capital Management, will head marketing and investor relations.

— With assistance by Katherine Burton

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