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According to Market Intelligence, April 2023

Report: PointState Capital co-founder to leave firm

PointState Capital LP co-founder Josh Samuelson is leaving the company, Bloomberg News reported, citing a letter to clients from another co-founder, Zach Schreiber.

Samuelson will continue as an investor in the firm and will remain on for several months as part of the transition.

PointState assigned several of Samuelson's responsibilities to partner Zach Kurz, who was also named deputy chief investment officer.

Samuelson's departure comes amid the company's failure to recover from a 19% loss in 2018, the report noted. Schreiber is now the only co-founder left out of seven who originally formed the company in 2011.

In addition, Schreiber said Greg Ley, a portfolio manager who specializes in industrials, materials and energy, will exit the company to pursue another opportunity. Without providing additional details, Schreiber added that the company "selectively reduced headcount" to help meet clients' expectations for risk-adjusted returns.

In the letter, Schreiber also informed investors who are eligible to make quarterly withdrawals that they must advise the company by Jan. 31 if they want to redeem at the end of March.