ExodusPoint sues former manager over joining Schonfeld

ExodusPoint filed a lawsuit in New York state court on Thursday seeking to enforce a one-year non-compete against former global macro portfolio manager George Saghir. The complaint alleges Saghir began working at rival hedge fund Schonfeld Strategic Advisors on Sept. 2 while still subject to the restriction and asks a judge to bar him from Schonfeld until the non-compete expires on Oct. 18.

The filing describes Saghir as an experienced portfolio manager and economist who traded across multiple asset classes and regions. It states he joined ExodusPoint in 2022 after roughly a decade at Graham Capital Management and received tens of millions of dollars while at the firm.

ExodusPoint alleges Saghir played a central role in developing fixed-income strategies based on major public economic announcements. The complaint argues that the techniques and knowledge he acquired at ExodusPoint could be applied at Schonfeld and that permitting him to work there during the restriction could place the firms in direct competition.

The complaint highlights a series of market-moving macro events expected before the non-compete ends, including the release of September economic data in early October, and says those dates increase the risk of competitive harm if Saghir continues at Schonfeld.

According to the filing, Saghir resigned in October and later requested a waiver of the non-compete in April; ExodusPoint did not grant the waiver. The suit asks the court for an order requiring Saghir to stay away from Schonfeld for the remaining period of the agreement.

The complaint also notes that Schonfeld has been involved in a separate hiring dispute this year with a different senior portfolio manager over an alleged broken agreement and a contested $11 million payment obligation.

ExodusPoint, founded by Michael Gelband, manages roughly $15 billion across its multi-strategy platform and had more than 700 employees worldwide, including over 100 portfolio managers, according to the filing. The suit cites the firm’s August performance as a 1.4% gain, bringing its year-to-date return to 4.9%.