Key Takeaways
- • Eisler Capital, a London-based multi-strategy hedge fund founded by Ed Eisler, is shutting down after poor performance and high staffing costs eroded profitability; approximately 250 employees are dispersing across rival firms.
- • Brevan Howard has emerged as a primary landing destination for Eisler talent, with three portfolio managers and senior staff joining the London fund in recent months: Benjamin Spielman (ECM portfolio manager, New York), Alberto Fabbri (London), and Kumar Velayudham (New York) all transitioned in late 2025 and early 2026.
- • Eisler employees benefit from favorable employment conditions including an absence of non-compete agreements and high-caliber skill sets, resulting in significant headhunter interest upon closure announcement; one insider reported receiving a dozen recruitment calls on the closure announcement day.
- • Brevan Howard's recent bonus and salary reductions for UK-based members (2025 fiscal year ending March 2025) may limit the attractiveness of the firm as a destination despite its role as a hub for Eisler talent absorption.
- • Other Eisler departures include Seye Fasan, formerly a VP in capital development at Eisler's New York office, who joined investment bank Jefferies as head of EMEA capital introduction in London during the same transition period.
Summary
Eisler Capital's closure marks a significant personnel shift across London's hedge fund ecosystem. The multi-strategy fund, which struggled with suboptimal returns and elevated operating costs, is dispersing its workforce of approximately 250 employees across competing firms. The shutdown underscores structural challenges facing London-based hedge funds competing against better-capitalized U.S. counterparts, with soaring staff costs cited as a primary factor in eroding trading profitability.
Brevan Howard has positioned itself as the focal point for displaced Eisler talent. The most recent addition, Benjamin Spielman, joined Brevan's New York office as an ECM portfolio manager this week after spending less than a year at Eisler (joining in March 2025); he previously held positions at Rokos Capital Management. Spielman joins colleagues Alberto Fabbri and Kumar Velayudham, both of whom transitioned to Brevan in November. Fabbri, an early 2025 Eisler hire who previously headed trading at a family office, relocated to London, while Velayudham, who spent more than two years at Eisler, moved to the New York office. The concentration of Eisler departures at Brevan suggests a deliberate recruitment strategy or a network effect drawing talent toward a single destination.
Eisler's personnel possess pronounced market advantages. The absence of non-compete clauses has enabled unrestricted movement, while the firm's historical emphasis on hiring capable professionals means exiting employees command significant headhunter attention. The closure announcement triggered immediate interest from recruiters; one insider reported fielding a dozen calls on the announcement day alone. Beyond Brevan, displaced Eisler staff have also secured positions at investment banks, including Seye Fasan's appointment as head of EMEA capital introduction at Jefferies.
However, Brevan Howard itself faces competitive recruitment headwinds. The fund reduced bonuses for its UK-based members for the fiscal year ending March 2025, alongside more modest salary cuts. These compensation reductions may complicate Brevan's ability to capitalize fully on Eisler talent availability and could incentivize departing Eisler employees to consider alternative opportunities, despite the apparent clustering effect currently underway.
Brevan Howard has positioned itself as the focal point for displaced Eisler talent. The most recent addition, Benjamin Spielman, joined Brevan's New York office as an ECM portfolio manager this week after spending less than a year at Eisler (joining in March 2025); he previously held positions at Rokos Capital Management. Spielman joins colleagues Alberto Fabbri and Kumar Velayudham, both of whom transitioned to Brevan in November. Fabbri, an early 2025 Eisler hire who previously headed trading at a family office, relocated to London, while Velayudham, who spent more than two years at Eisler, moved to the New York office. The concentration of Eisler departures at Brevan suggests a deliberate recruitment strategy or a network effect drawing talent toward a single destination.
Eisler's personnel possess pronounced market advantages. The absence of non-compete clauses has enabled unrestricted movement, while the firm's historical emphasis on hiring capable professionals means exiting employees command significant headhunter attention. The closure announcement triggered immediate interest from recruiters; one insider reported fielding a dozen calls on the announcement day alone. Beyond Brevan, displaced Eisler staff have also secured positions at investment banks, including Seye Fasan's appointment as head of EMEA capital introduction at Jefferies.
However, Brevan Howard itself faces competitive recruitment headwinds. The fund reduced bonuses for its UK-based members for the fiscal year ending March 2025, alongside more modest salary cuts. These compensation reductions may complicate Brevan's ability to capitalize fully on Eisler talent availability and could incentivize departing Eisler employees to consider alternative opportunities, despite the apparent clustering effect currently underway.
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