Cregg Watner, a Portfolio Manager at multi-strategy major Millennium, has left the firm to join ExodusPoint, a rival multi-strategy hedge fund led by former Millennium Executives Michael Gelband and Hyung Lee, according to a report by eFinancial Careers.

Watner, whose expertise lies in special situations and distressed investments, spent the last two years at Millennium. He has an extensive background in the financial sector, including previous roles as a Portfolio Manager at Lombard Odier and Jefferies, and a year in the equities division of Citi’s global markets team in New York.

It is not immediately clear which specific strategy Watner will focus on at ExodusPoint, but his history in managing distressed assets suggests he will contribute to the firm’s broader investment strategies.

ExodusPoint had a relatively modest year in 2024, posting an 11.3% return, trailing Millennium’s 15% gain. The firm has been making efforts to retain its talent while also expanding its team. As part of this strategy, ExodusPoint introduced a policy late last year to claw back up to 40% of bonuses for senior non-investment staff members who leave before the end of 2025.

Before joining Millennium, Watner co-founded Sycamore Lane Partners, a small investment management firm, in 2011, where he played a key role in the firm’s operations.