{
  "id": 8206228,
  "title": "ExodusPoint takes legal action against former PM over Schonfeld move",
  "url": "https://urgent.news/2026/09/18/exoduspoint-takes-legal-action-against-former-pm-over-schonfeld-move",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T08:10:27.000Z",
  "source": {
    "name": "Hedgeweek",
    "slug": "hedgeweek",
    "url": "https://www.hedgeweek.com/exoduspoint-takes-legal-action-against-former-pm-over-schonfeld-move/"
  },
  "original_language": "en",
  "account": "ExodusPoint Capital Management has initiated legal proceedings against former portfolio manager George Saghir, alleging that he violated a non-compete agreement when he joined rival hedge fund Schonfeld Strategic Advisors, according to Bloomberg. The multi-strategy fund filed a lawsuit in New York on Thursday, demanding that Saghir refrain from working for Schonfeld until the end of his contractual restriction, which is scheduled to expire on October 18. The lawsuit claims that Saghir started his new role at Schonfeld on September 2, despite being bound by a one-year non-compete agreement following his departure from ExodusPoint. ExodusPoint seeks an order requiring Saghir to remain away from the competing firm until the end of the restriction period. The firm argues that this restriction is crucial due to Saghir's specialized expertise in global macro trading. In the lawsuit, ExodusPoint describes him as a seasoned portfolio manager and economist who implemented a diverse investment strategy across multiple asset classes and regions based on major economic announcements. The hedge fund is concerned that Saghir's knowledge and strategies acquired during his tenure at ExodusPoint could now be utilized at Schonfeld. Additionally, ExodusPoint highlights a series of potentially impactful macroeconomic events anticipated before the non-compete expires, such as the release of September economic data in early October, which could result in direct competition between the two firms. Schonfeld has been embroiled in a separate legal dispute over a recent senior hiring decision. In April, the firm sued former Millennium portfolio manager Adam Grunfeld, alleging that he withdrew from the agreement to join Schonfeld without fulfilling his contractual obligations. Grunfeld countered that the $11m payment he was supposed to provide was actually a signing bonus he had not yet received. Saghir joined ExodusPoint in 2022 after a decade at Graham Capital Management, where he reportedly earned tens of millions of dollars. The lawsuit filed by ExodusPoint states that he received significant compensation during his time at the firm. Despite requesting a waiver from his non-compete in April, ExodusPoint refused to release him from the restriction. ExodusPoint, founded by Michael Gelband, employs over 700 people worldwide, including more than 100 portfolio managers. The firm manages approximately $15bn across its multi-strategy platform, with a hedge fund return of 1.4% in August, bringing its annual gain to 4.9%.",
  "summary": "ExodusPoint Capital Management has launched legal proceedings against former global macro portfolio manager George Saghir, alleging that he breached a non-compete agreement after joining rival hedge fund Schonfeld Strategic Advisors earlier this month, according to a report by Bloomberg.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}