ExodusPoint plans nearly 80% Asia headcount rise

ExodusPoint plans to increase its Asia headcount by nearly 80%, from 56 employees at the start of the year to about 100 by the end of 2026. The firm has secured more than 20,000 square feet of office space across Hong Kong, Singapore and Tokyo, with total capacity for up to 180 staff.

Under an agreement announced in June, James Chen is winding down Ovata Capital Management’s $1.5 billion hedge fund and will join ExodusPoint as head of Asia equities. Chen’s move brings 36 former Ovata employees into ExodusPoint’s Asian operation, accounting for the bulk of the expected headcount rise.

The hires will increase the number of lead portfolio managers in the region to 14. Steve Ji Xu has been appointed to lead the macro business while Chen will oversee equities across Asia. ExodusPoint is reallocating responsibilities across its regional business ahead of the staffing increase.

In Hong Kong, the firm is expanding its office at Prosperity Tower in Central to about 11,000 square feet, roughly double its previous footprint. The Hong Kong office is expected to house about 50 employees by year-end and the lease runs through September 2029.

In Singapore, ExodusPoint is increasing its space at Ocean Financial Centre to about 9,200 square feet, an increase of roughly 70%. The Singapore workforce is expected to reach about 41 employees by year-end and the current lease runs until mid-2032. The Tokyo office is part of the regional build-out; specific space details for Tokyo were not disclosed.

James Chen previously served as a managing director at Barclays and led Asia equities at BlueCrest Capital Management. Steve Ji Xu has trading experience at Goldman Sachs and JPMorgan and began his hedge fund career at Capula Investment Management.

ExodusPoint was founded in 2017 by Michael Gelband. The firm manages nearly $15 billion, employs more than 700 people globally and has over 100 portfolio managers. ExodusPoint has not commented on the regional hiring plans.