ExodusPoint’s UK people got a £300k pay rise in 2022
ExodusPoint, one of the largest hedge funds in the world, has published results for its UK subsidiary. And despite a significant increase in profit, not everyone at the multi-strategy hedge fund is feeling the love.
UK staff working for ExodusPoint Capital Management UK LLP, a subsidiary of the hedge fund that contains the partners and portfolio managers, were paid an average of £927k ($1.1m) per head in 2022 in “wages and salaries” (which include bonuses), a rise of over 50% on 2021’s $601k ($743k) per head. That is, obviously, huge. It puts ExodusPoint second on our list of London’s best paying hedge funds, only behind Millennium, and more than Citadel & Point72 combined.
It’s not all sunshine and rainbows, however. The hedge fund’s research and development subsidiary, ExodusPoint Capital Management UK Technologies, paid an average of £272k ($336k) per head in 2022, a rather substantial slide from the £316k ($391k) of last year.
Revenues for both subsidiaries increased by 56%, from £105m to £165m, leaving £64m in “profit for the year available for discretionary division among Members” at the LLP. The hedge fund distributed £43m to its most well-renumerated partner – likely its largest single owner, another UK-based subsidiary that is ultimately owned by ExodusPoint’s cofounders, Michael Gelband and Hyung Soon Lee.
ExodusPoint, which had the largest hedge fund launch in history ($8.5bn), has expanded significantly in Europe in the last few years. The fund hasn't performed that well this year, with returns only reaching 4% to mid-September according to Bloomberg, compared to nearly 11% at Citadel.
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