Losses of more than $70m prompted multi-strategy hedge fund firm ExodusPoint Capital Management to stop Dubai-based Portfolio Manager Bhavit Sawjani’s trading activities late last year, according to a report by Bloomberg.
The report cites unnamed sources as revealing that Swanjani, who was one of the first high-profile names to move to Dubai when ExodusPoint expanded its operation there, is still at the firm but no longer running money. His six-strong team meanwhile, has been disbanded.
Sawjani specialises in credit trading but also focused on macro investing, although it’s not clear at this stage what led to his losses at the $12bn New York-based firm.
According to his LinkedIn profile Sawjani joined ExodusPoint from GoldenTree Asset Management in 2022, and before that, was head of high-yield credit trading for Europe, Middle East and Africa at JPMorgan Chase & Co.
