Hedge fund Eisler Capital had a finer end to the year, and is hiring
Eisler Capital, the "intellectually honest" hedge fund founded by ex-Goldman Sachs partner Edward Eisler, didn't have the best year in 2024, but things got better in the final months.
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At one point in the fourth quarter, we understand that Eisler's 2024 returns were "flat". By the end of the year, however, the fund had generated 3% returns, net.
As it generates positive returns, Eisler has added some new portfolio managers. Gregory Bugaj and Michael Pinelli joined this month in New York to manage commodities and financial services portfolios, respectively. Thomas Dionysopoulos joined from Brevan Howard in London in November.
Although Eisler performed better in the final days of 2024, its returns were insipid relative to rivals. Bloomberg reported this week that macro-focused DE Shaw's Oculus Fund generated returns of 36% last year. Citadel and Millennium generated 15%.
Eisler did, however, outperform Brevan Howard's Alpha Strategies fund, which generated 2.4% returns (although it underperformed the 5.5% generated by Brevan's Master Fund).
Accounts filed this week said Brevan Howard's UK partners suffered a 50% drop in the profits available for distribution to them in the year to March 2024.
While Eisler is now hiring, it's also lost staff. Deputy CIO Sam Wisnia said last year that the fund isn't for everyone and that portfolio managers who like to be left alone will not fit in there. “You will see a self-selection of PMs in the market that will be happy to join us and those that are not.”
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