(Bloomberg) -- ExodusPoint Capital Management co-founder Hyung Lee stepped down as head of equities and is now an adviser to the firm, according to people familiar with the matter.
Lee and Michael Gelband started ExodusPoint in 2018 — attracting $8 billion, making it the largest-ever hedge fund debut. Since then, the equities business has struggled to take off and fixed income — overseen by Gelband — has accounted for much of the firm’s returns.
Hyung Lee didn’t immediately respond to messages seeking comment.
ExodusPoint’s performance has trailed its biggest peers almost every year since it started trading, including this year. The fund is up 3.6% through July.
In the advisory role, Lee will keep his 50% ownership stake in the firm, which oversees $12 billion of assets. Gelband, now overseeing both fixed income and equities, has become chief investment officer. He’s also chief executive officer.
ExodusPoint bolstered its equities business with some senior hires last year, bringing on Michael Lapsa as head of systematic strategies and Adam Galeon as head of the long-short equities operation. They’ll manage the day-to-day operations of the equities business along with Gelband, one of the people said.
Hedge Fund Alert earlier reported the news.
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