Eisler Capital, the $4bn hedge fund currently transitioning from a macro fund to a multi-stragey trading operation, has seen another wave of departures as it grapples with underperformance and stiff competition for talent in the hedge fund industry, according to a report by Bloomberg.
The report cites unnamed sources with knowledge of t matter as revealing that in recent days, around ten money managers have left the firm, either as voluntary departures or dismissals.
Among those leaving is New York-based senior money manager Mark Mallon, one of the firm’s earliest hires, who has departed along with his team. Other key figures who have left include Leo Niemelainen, who joined earlier this year, along with Matt Haigh, Will Bartlett, Hardeep Jhutti, and Bernd Kuhlenschmidt.
Eisler Capital declined to comment on the departures, and the individuals involved either declined to comment or did not respond.
The London-based hedge fund employs approximately 300 staff globally. However, its performance has lagged, with the firm posting a modest gain of just 0.06% for 2204 up to the end of August 2023. This underwhelming performance stands in stark contrast to peers tracked by the PivotalPath Multi-Strategy Index, which has gained 6.5% over the same period.
Rivals including Marshall Wace, Schonfeld Strategic Advisors, Walleye Capital, Point72 Asset Management, Citadel, and Millennium Management have all posted stronger results, with the PivotalPath Multi-Strategy Index having gained 6.5% over the same period.
This latest round of exits follows earlier departures, when several traders left after Eisler scaled back on money-losing bets tied to emerging-market interest rates. Some of the traders who left at that time, including portfolio managers Ying Zhang, Devvrat Tripathi, and Johan Kurtz, reportedly disagreed with the investment approach overseen by Sam Wisnia, a senior executive at the firm.
