(Bloomberg) --
ExodusPoint Capital Management is planning to increase its operations in Paris in the coming months, joining peers expanding in the French capital.
The hedge fund, which opened a research office in Paris in 2019, is awaiting regulatory approval to start new activities locally, such as discretionary trading, according to people familiar with the matter. The firm will start hiring traders once it gets that approval, said the people, who asked not to be identified because the details are private.
The firm currently has about 20 local staff, one of the people said.
A spokesperson for ExodusPoint declined to comment.
ExodusPoint is joining peers such as Citadel and Millennium Management in beefing up their operations in Paris, with the French capital emerging as one of the European Union's main trading hubs in the wake of Brexit. The moves are creating a talent war as banks including JPMorgan Chase & Co. also increase their local market activities.
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Morgan Stanley, which is planning to double its Paris headcount to 300 by end-2023, is creating a new research center that will support its trading activities in the French capital. The new unit, which will help the lender meet rising client demand for quantitative strategies, could grow to about 50 employees in the medium term, through external hires and relocations, a person familiar with the matter said.
U.S. financial firms that for decades used London as a gateway to Europe's single market are opening offices or bolstering existing operations on the continent to keep their access to the bloc. Paris, with its deep bench of experienced traders who contributed to the creation of complex derivatives at Societe Generale SA, BNP Paribas SA or Natixis SA, is particularly attractive when its comes to trading activities.
ExodusPoint manages $13.6 billion and employs 675 people across 10 offices. Michael Gelband and Hyung Lee started the New York City-based firm in 2018 after raising $8 billion.
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