(Bloomberg) — Cinctive Capital Management’s deputy chief investment officer, head of macro and its macro strategist have left the 5-year-old multimanager hedge fund, according to people familiar with the matter.
The firm plans to announce a replacement soon for the deputy CIO, Michael Haddad, who joined Cinctive last year, one of the people said, asking not to be identified because his departure hasn’t been announced publicly.
Macro chief Giles Coppel and strategist Greg Kaldor, who both started at Cinctive in 2022, have joined billionaire Paul Tudor Jones’ Tudor Investment Corp., some of the people said.
A representative for the New York-based firm declined to comment. The three executives who left either declined to comment or didn’t reply to messages seeking comment.
Cinctive combined its flagship equity and macro funds at the end of August, part of a longstanding plan to create a multistrategy fund.
The firm, founded by Richard Schimel and Lawrence Sapanski, debuted in September 2019 with about $1 billion, using pods of traders to manage money.
It originally focused solely on equities. In 2022, it added a macro fund with multiple teams, and last year it started a quant fund sub-advised by Thong Nguyen, who runs Olympiad Research. The new vehicles were part of a plan to eventually offer clients a multistrategy fund, a model that has grown in popularity in recent years.
The firm has struggled to raise money, even as larger peers including Balyasny Asset Management, Millennium Management and Citadel have pulled in billions of dollars.
Cinctive now has $3 billion of regulatory assets, including leverage, about the same amount it reported to regulators in 2022.
Schimel and Sapanski, who previously founded another hedge fund together, started Cinctive with more than 20 investment professionals and ended last year with 55, according to a filing.
The firm’s anchor investors were a joint venture of the Employees Retirement System of Texas and Paamco Launchpad. Those two entities, which have since ended the venture, agreed to keep their money in Cinctive for at least five years.
The Texas fund initially invested $126 million with the firm’s equity fund, an amount that had grown to $142 million by the end of 2023, according to a report by the pension’s board. Its investment in the merged fund gained 11.75% this year through September.
The Texas fund invested about $100 million in the macro fund when it started.
–With assistance from Nishant Kumar.
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