Hedge fund Eisler Capital's fancy new offices seem at odds with cost-cutting intentions
As we noted yesterday, hedge fund Eisler Capital is cutting 15% of its staff as it bleeds assets under management (AUM) and attempts to return its pass through costs to the level of 2022, implying a cost reduction of around 20%.
As heads roll, though, sources at Eisler are raising eyebrows about the fund's impressive new offices in London and New York.
We reported on Eisler's new London office in Piccadilly last September. The fund appears to have two new floors at 1 Sherwood Street, one of London's more prestigious locations, which also houses boutique firm Centerview and "friendly" hedge fund Verition.
However, Eisler also has what insiders describe as one of the most impressive trading floors in New York City. It's based on one of the top floors of the Spiral, a 66-floor floor skyscraper in Hudson Yards. Eisler's office overlooks NY and is thought to be equipped with its own barista.
A spokesperson for the fund declined to comment. Eisler is understood to have quietly moved into the Hudson Yards office late last year.
Eisler occupied the new office at Hudson Yards despite the disappearance of several key figures from its US business. Former Goldman Sachs partner Arun Dhar stepped down as head of the office in November, seemingly after it was discovered that he'd been running an outspoken account on X. Mark Mallon and his team left in New York last September.
In Europe, the fund lost Adrien Delattre and Lewis Morton this year. Together with the earlier exit of Sean Gambino, who spun out his own fund in the US in early 2024, sources say the exits represented the departure of some of Eisler's top risk-takers.
Bloomberg says that Eisler's AUM are expected to decline to $3bn by year-end from $4bn earlier this year, and that the fund is cutting costs accordingly.
In the circumstances, it may wish it had stuck with its previous (and probably cheaper offices) in London St. James's Street and at 9th Avenue, New York.
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