(Bloomberg) —
ExodusPoint Capital Management is planning to increase its operations in Paris in the coming months, joining peers expanding in the French capital.
The hedge fund, which opened a research office in Paris in 2019, is awaiting regulatory approval to start new activities locally, such as discretionary trading, according to people familiar with the matter. The firm will start hiring traders once it gets that approval, said the people, who asked not to be identified because the details are private.
The firm currently has about 20 local staff, one of the people said.
A spokesperson for ExodusPoint declined to comment.
ExodusPoint is joining peers such as Citadel and Millennium Management in beefing up their operations in Paris, with the French capital emerging as one of the European Union’s main trading hubs in the wake of Brexit. The moves are creating a talent war as banks, including JPMorgan Chase & Co. and Morgan Stanley, also increase their local market activities.
Michael Gelband and Hyung Lee started trading for the firm in 2018 after raising $8 billion. The New York City-based fund manages $13.6 billion and employs 675 people across 10 offices.
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