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Eisler Capital

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Eisler Capital (UK) Ltd
Company typePrivate
IndustryInvestment management
Founded2015; 9 years ago (2015)
Founder
  • Edward Eisler
Headquarters
London
,
United Kingdom
Key people
270 (2023)
AUMUS$3.7 billion (September 2023)[1]
Websitewww.eislercapital.com

Eisler Capital (Eisler) is a multi-strategy hedge fund management firm headquartered in London. Originally established to focus on global macro, it transitioned to a multi-manager investment approach.

The firm has additional offices in Europe and the United States.

Background

Edward Eisler started his eponymous hedge fund in 2015, following a 20-year career at Goldman Sachs, where he was one of the firm's four co-heads of the global securities business. Prior to that he ran Goldman's currency, interest rates and commodities trading division.

In 2012, Edward Eisler retired Goldman Sachs at the age of 42. He then attempted to raise $2 billion to set up an emerging markets focused private equity firm named DMC Partners but by 2014 had to scrap such plans due to the turmoil in Russia and the Middle east. In 2015, he established Eisler Capital with its first hedge fund focusing on global macro. It was originally based in St James's Place with five employees.[2][3][4]

In February 2021, Eisler raised $1 billion to launch its Multi Strategy Fund. This marked Eisler's entry into the multi-strategy sector which was the most popular strategy among hedge funds at the time.[5]

Corporate Affairs

In December 2021, Eisler announced it would acquire Glen Point Capital, another London-based investment firm. However, by February 2022, the deal fell apart because of a disagreement on the level of risk that Glen Point funds could take. Eisler was very risk-adverse while Glen Point would regularly take higher risk to get bigger returns.[6] In October 2023, Neil Phillips, the co-founder of Glen Point was found guilty of commodities fraud.[7]

In March 2022, Eisler returned all Russia-linked capital as it was sanctioned due to the Russian invasion of Ukraine. Over $100 million was provided by LetterOne, an entity linked to Mikhail Fridman.[8]

In November 2022, Eisler closed its first hedge fund, Eisler Capital Master Fund which focused on global macro. The fund had shrunk significantly with a loss of 8% that year and the firm wanted to transition to a multi-strategy approach which was more popular among investors. Following this move, Eisler's multi-strategy fund became the flagship fund of the firm. It had a gain of 14.1% in 2022. At the same time, Eisler shelved plans to launch other funds.[4]

Eisler has been noted for paying high salaries to its employees. In 2022, it paid its average UK employee $1.2 million. However it has also been noted to have a harsh environment with significant turnover. In September 2023, it was reported that at least 12 senior employees had left the firm within the last six months where many had only recently joined the firm.[3][9]

References

  1. ^ Mackenzie, Nell (29 September 2023). "Hedge fund Eisler Capital uses basis trades to add to positive year". Reuters.
  2. ^ Baer, Justin (9 September 2015). "Former Goldman Trading Executive to Launch New Hedge Fund". Wall Street Journal. ISSN 0099-9660. Retrieved 25 October 2023.
  3. ^ a b "Eisler Capital: The 'intellectually honest' hedge fund paying millions". eFinancialCareers. 16 October 2023. Retrieved 25 October 2023.
  4. ^ a b "Eisler to Shut Its Oldest Hedge Fund to Focus on Multi-Strategy". Bloomberg.com. 2 November 2022. Retrieved 25 October 2023.
  5. ^ "Secretive Hedge Fund Raises $1 Billion to Make Big Leveraged Bets". Bloomberg.com. 22 July 2021. Retrieved 25 October 2023.
  6. ^ "Eisler's Deal to Buy Macro Hedge Fund Glen Point Falls Apart". Bloomberg.com. 17 February 2022. Retrieved 25 October 2023.
  7. ^ Miller, Joe; Mourselas, Costas (25 October 2023). "Hedge fund co-founder Neil Phillips convicted over forex manipulation". Financial Times. Retrieved 28 October 2023.
  8. ^ "Eisler Hedge Fund Faces Investor Scrutiny of Russia-Linked Cash". Bloomberg.com. 4 March 2022. Retrieved 25 October 2023.
  9. ^ "Hedge fund Eisler Capital's new array of London exits". eFinancialCareers. 25 September 2023. Retrieved 25 October 2023.
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