Millennium vs Exoduspoint

Exodus will pay better and give better drawdown (both are slight...but still)

At platforms, its all about your team/PM rather than the firm. Both shops should have access to 'similar' technology stack, brokers and datasets.

As people said previously, they are very similar and the gold standard with Exoduspoint giving slightly better terms as they are a franchise team and needed to pay up to acquire talented traders (I don't think that this should really influence your decision though.) Management structure is probably better at ExodusPoint currently because there are less legacy layers of management and the PMs have a more direct connection to the founders (who are the same people who built the biz at MLP). Millenium likely has some advantages on niche infrastructure if you are a team that can leverage something built preexisting from a former team, otherwise would say resources are similar. Are these enough to switch shops if you already have a good deal? Probably not with all the friction involved.

This is if you are a PM. If you are not a PM it is going to be 100% about which PM you think is better and you get along with better.

What about IP ownership? Do they share the same practice as well?

Since they're basically mirrors of each other for the most part, I'll give my 2 cents.

Pay/drawdown: ExodusPoint slightly better

Mgmt access: ExodusPoint (imagine going to a meeting with AMZN at millennium with 30 investors in the room vs 5 at ExodusPoint)

Infrastructure cost: millennium (splitting the cost among more teams means lower expenses per team)

As Exodus grows its number of teams I'm sure the 2nd and 3rd points will even out.

What is their willingness to keep on analysts after the PM has blown out?