PointState Capital, the $5 billion hedge fund founded two years ago by former employees of Stan Druckenmiller’s Duquesne Capital Management, said two principals are leaving the firm.
Anuj Malhotra, who was a global macro adviser at the firm, is retiring effective May 31, according to a letter to clients, dated Friday. Sean Cullinan, chairman and CEO, also will leave at the end of May.
With the departure of Mr. Malhotra, the firm will “significantly reduce” macro investing, PointState said in the letter. Zach Schreiber, a founding partner of the firm, will replace Mr. Cullinan.
Mr. Druckenmiller said in August 2010 that he would close Duquesne, his 30-year-old hedge fund, and return client capital. His colleagues founded PointState a few months later, and Mr. Druckenmiller invested about $1 billion in the firm.
Mr. Schreiber will continue to manage the largest portfolio, which is focused on commodity-related investments. Josh Samuelson, another co-founder, will assume the role of vice chairman and join the firm’s management committee.
Because of the changes, PointState is giving clients the right to pull all or part of their investments on May 31. Fund executives don’t expect the changes to have a significant impact on the firm’s assets, according to people familiar with PointState.
Jonathan Gasthalter, a spokesman for PointState, declined to comment.