ExodusPoint Capital Management is planning a significant expansion of its Asian operations, with the multi-strategy hedge fund expected to increase its regional workforce by almost 80% this year following the recruitment of a team from Ovata Capital Management, according to a report by Bloomberg.
The firm, founded by former Millennium executive Michael Gelband, is projected to have around 100 employees across Hong Kong, Singapore and Tokyo by the end of 2026, compared with 56 at the beginning of the year, according to a person familiar with the plans.
ExodusPoint has also secured more than 20,000 square feet of office space across the three locations, providing capacity for up to 180 employees as the firm continues to build out its Asian platform.
The hedge fund, which manages close to $15bn, reportedly declined to comment.
A key component of the expansion is the arrival of James Chen, formerly chief investment officer at Ovata. Under an agreement announced in June, Chen is winding down the $1.5bn hedge fund and joining ExodusPoint as head of Asia equities.
The move is bringing 36 former Ovata employees into ExodusPoint’s Asian operation, accounting for much of the expected increase in headcount. The additional hires will take the number of lead portfolio managers in the region to 14.
Chen will oversee equities across the region, while Steve Ji Xu will lead the macro business. Chen previously worked as a managing director at Barclays and headed BlueCrest Capital Management’s Asia equities investment operation. Xu has trading experience at Goldman Sachs and JPMorgan and began his hedge fund career at Capula Investment Management.
ExodusPoint, which was established in 2017 and now employs more than 700 people globally, including over 100 portfolio managers, has been a relatively recent entrant to the region compared with some of its larger rivals.
The firm’s property commitments underline the scale of its ambitions. In Hong Kong, ExodusPoint is expanding its office at Prosperity Tower in Central to 11,000 square feet, roughly double the space it occupied previously. Around 50 employees are expected to be based there by year-end, with the firm committed to the building through September 2029.
In Singapore, where ExodusPoint has its longest-established Asian office, the firm is increasing its footprint at Ocean Financial Centre by almost 70% to 9,200 square feet. Its Singapore workforce is expected to reach approximately 41 by the end of the year, with the current lease running until mid-2032.
