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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.