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Hedge fund DE Shaw is losing one of its most beloved leaders

DE Shaw, the multistrategy hedge fund that likes to employ mathematics PhDs and winners of the mathematics Olympiad, is saying a partial goodbye to one of its longest serving and most popular leaders. 

52-year-old Julius Gaudio, who joined the firm out of Harvard in 1993 and contributed to many of its investment strategies, will be stepping down from DE Shaw's executive committee and from his investment management oversight responsibilities on December 31st 2023. Gaudio will still be involved in DE Shaw's renewable investments on a part-time basis, but will presumably be around a lot less than before. 

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While this sounds good for Gaudio, who will enjoy all the benefits of partial early retirement, some DE Shaw insiders say he will be much missed. "He's a very low-key guy but also immensely popular," says one. "People flocked to him like sheep. At parties, his EAs would get asked what brand of shirt he wore..."

DE Shaw declined to comment for this article, but the firm is fortunate in having a strong bench of other leaders. It's run by an executive committee of six people, including:  Anne Dinning (a PhD mathematician who joined in 1990); Eddie Fishman (a Princeton literature graduate who manages back office and other functions), Alexis Halaby (a Stanford graduate and head of investor relations), Max Stone (who focuses on discretionary macro risk) and Eric Wepsic (a Harvard mathematics graduate and former gold medal winner in the math Olympiad). Gaudio's position on the committee will be taken by Edwin Jager, a managing director who joined the firm in 2011 and who oversees the fundamental equities, asset-backed strategies, convertible securities, and corporate credit investment units. 

The Wall Street Journal reported that Jager would be joining the executive committee in October, but didn't clarify that Gaudio would be stepping down in December. 

DE Shaw ranked fifth on our list of Ideal Hedge Fund Employers. It was rated highly relative to other hedge funds for all of our qualitative statements about perceived culture, but especially for those relating to exceptional colleagues and hybrid and interesting work. The firm is known for paying very well: UK employees earned an average of £563k ($685k) each in 2022; a job currently advertised for a macro quantitative strategist in New York pays a salary of $250k-$325k.

This might be why key people tend to stick around a long time. In London, leading figures like Jason Singer (a portfolio manager) and Kevin Krist (head of compliance and legal) have been there 16 and nearly 14 years respectively. 

Although Gaudio is leaving, he may yet return. Max Stone retired in 2000 and then came back again in 2003. 

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AUTHORSarah Butcher Global Editor

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