London-based hedge fund Eisler Capital has announced it will shut down its multi-strategy fund by year-end, alongside other investment vehicles and its management operations. The decision follows disappointing performance and rising costs, including challenges in attracting and retaining experienced talent.
The fund, which managed over $4 billion in 2024, posted a year-to-date loss of 1.7% as of August and delivered a compounded net annual return of 7% since its 2015 inception—below investor expectations for multi-strategy funds targeting 9% or more. Eisler’s pass-through fee model, covering staff and operational costs, further impacted net returns for investors.
The closure underscores the challenges faced by multi-strategy hedge funds in an era of high fees, competitive talent markets, and crowded trades, echoing warnings from industry leaders about the limits of this investment model.