Multi-manager hedge fund firm Cinctive Capital Management has seen the departure of several key figures, including its Deputy Chief Investment Officer Michale Haddad and Head of Macro Giles Coppel, according to a report by Bloomberg.

The report cited an unnamed source familiar with the matter as saying that a replacement for Haddad, who joined Cinctive last year, is expected to be announced soon, though his departure has not yet been made public.

Giles Coppel, the Head of Macro, has joined billionaire Paul Tudor Jones' hedge fund, Tudor Investment Corp, along with Macro Strategist Greg Kaldo, according to one of Bloomberg's sources.

Cinctive, founded in 2019 by Richard Schimel and Lawrence Sapanski, began as an equity-focused hedge fund. In 2022, it expanded by adding a macro fund and, later, a quant fund overseen by Thong Nguyen of Olympiad Research. The firm combined its flagship equity and macro funds in August, as part of a long-term strategy to offer clients a multistrategy fund.

Despite these moves, Cinctive has struggled to attract significant capital. It now manages $3bn in regulatory assets, which includes leverage, a figure largely unchanged from its 2022 report to regulators. Meanwhile, larger hedge funds like Balyasny Asset Management, Millennium Management, and Citadel have seen billions in inflows.

Cinctive’s early backing came from a joint venture between the Employees Retirement System of Texas and Paamco Launchpad. While that partnership has since ended, the Texas pension fund initially invested $126m in Cinctive’s equity fund, a sum that grew to $142m by the end of 2023. The pension’s investment in the merged fund has returned 11.75% so far this year, through September.