ExodusPoint Hedge Fund Clients Yanked $1 Billion in 2023
- Michael Gelband’s firm had withdrawals for two straight years
- Firm has mostly underperformed its biggest multistrategy peers
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ExodusPoint Capital Management clients pulled about $1 billion from Michael Gelband’s hedge fund in 2023, the second straight year of withdrawals, according to people familiar with the matter.
That followed hundreds of millions of dollars of withdrawals in 2022 and prompted ExodusPoint to raise fresh capital after being closed to new cash for three years. It gathered $1 billion last year to offset the redemptions, one of the people said. The hedge fund, beset by a stretch of lackluster returns, manages about $12 billion.