ExodusPoint’s assets drop $1 billion in first half

 ExodusPoint Capital Management reported a $1 billion drop in assets under management in the first half of 2024, according to a regulatory filing.

The filing gave no reason for the drop but a source familiar with the matter said it was due to withdrawals of money by clients.

ExodusPoint declined to comment.

The assets in the firm founded by Michael Gelband and Hyung Lee fell to $11.04 billion on June 30 from $12.02 billion at the end of last year, a regulatory filing from earlier this month showed. In December 2022, the hedge fund had $13.1 billion in assets.