ExodusPoint Capital Management saw a $1bn decline in AUM during H1 2024 to $11.04bn as of 30 June, down from $12.02bn at the end of 2023, according to a report from Reuters. At its peak in December 2022, the firm managed $13.1bn. The report cites the firm's latest 13F filing as revealing the decrease without specifying a reason, although unnamed sources familiar with the matter indicated that the drop was primarily due to client withdrawals. The hedge fund, co-founded by Michael Gelband and Hyung Lee, has been closed to new investments since last year and has not been replacing withdrawn capital, according to another source with knowledge of the firm's operations. ExodusPoint, which focuses on trading fixed income and equities across various strategies, has underperformed compared to its peers this year. According to data from PivotalPath, the fund posted gains of 3.6% through July, while the average return for multi-strategy hedge funds was 6.3% over the same period. In contrast, rival Citadel reported gains of 8.82%.
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