(Bloomberg) -- Eisler Capital has again asked traders to repay their cash bonuses in full if they leave the hedge fund in the coming year, according to people familiar with the matter.
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The $4 billion firm, founded by former Goldman Sachs Group Inc. partner Edward Eisler, has told portfolio managers to agree to such repayments of discretionary pay for 2024, according to the people, who asked not to be identified discussing private information.
Eisler introduced the rule last year amid a war for talent across the hedge fund industry. In June, the firm said its compensation practices are designed to both attract and retain top talent, while providing for the long-term stewardship of investors’ capital.
“Whilst people are our strongest asset, we also need to ensure alignment with our investors’ interests,” a spokesperson for the firm said in a statement at the time. A representative for Eisler declined to comment on the latest move.
Hedge funds’ top performers can earn millions of pounds in bonuses. Typically, the months between March and June see a game of musical chairs across Wall Street. If a trader is looking to leave for a new firm, they’ll typically collect their bonus for the previous year’s work sometime around February. Then, they often immediately give notice to their employer that they’re planning to switch jobs.
Eisler experienced tumult in 2024 with several executives exiting as it pushes to transform itself from its roots in macro trading and into a multistrategy hedge fund. It posted a return of 3% last year, lagging behind most established peers. Late last year, Carey Nemeth rejoined the money manager, replacing Arun Dhar as partner and US chief in New York.
--With assistance from Donal Griffin.
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