One of ExodusPoint’s early hires, treasurer Steve Barbo, is leaving the firm.
Barbo joined New York City-based ExodusPoint before the firm had officially launched, one of many former Millennium employees who followed Exodus founders Michael Gelband and Hyung Lee to their new firm.
A person close to the firm said Barbo’s role will now be a part of chief financial officer Erik Addington’s responsibilities.
Addington was the CFO and treasurer of Nomura before joining Exodus in 2018 and also worked at Lehman Brothers, where Gelband worked prior to joining Millennium. Barbo, who did not respond to requests for comment, started his career as an analyst at Salomon Brothers in the early 1990s, according to his LinkedIn.
He moved to treasury roles after that, working at Archeus Capital, a hedge fund started by former Salomon Brothers bond traders, and Merrill Lynch’s since-shuttered WCG hedge fund before joining Millennium.
The typical treasurer at a hedge fund maintains a close relationship with counterparties at prime brokerages, monitoring trade settlements and any possible FX balances, among other responsibilities.
Exodus is up 2.2% through the first quarter of the year, according to Bloomberg, which trails peers like Citadel and Millennium. The firm has also been battling investor redemptions. Bloomberg reported last month that LPs pulled $1 billion from the manager last year, the second straight year of redemptions. The firm raised $1 billion last year to offset past redemptions.