Point State CEO, Macro Adviser To Leave

Apr 23 2012 | 3:11pm ET

Duquesne Capital Management's primary successor firm is set to lose two of its principals, including its CEO.

Sean Cullinan and Anuj Malhotra will step down at the end of May, New York-based Point State said in a letter to investors. Cullinan is the firm's chairman and CEO, while Malhotra was a global macro adviser.

Founding partner Zach Schreiber will take over for Cullinan at Point State's helm.

Point State, which debuted with $5 billion in 2010 after Stanley Druckenmiller decided to close Duquesne after 30 years, said the exits of Cullinan and Malhotra would lead it to "significantly reduce" its macro investing. And it said it would allow clients to redeem all or part of their investments without penalty on May 31, the day the two men are to leave.

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