Hedge fund Eisler Capital's hiring approach revealed in court case
Eisler Capital, the intellectually honest hedge fund which returned -2.5% between January and July, has fewer employees than before. It cut 15% of its staff in May, and now employs 250 people, down from 270 in 2023. But when it hires, it doesn't pay badly.
The current court case involving Eisler Capital and Bharat Garg, a former Morgan Stanley director hired by the fund in March 2024, illuminates how to achieve a role at Eisler, plus what you might expect if you join, and the conditions attached.
Like many hedge funds, Eisler employs a team of in-house recruiters known as business development professionals, tasked with scouring the world for new portfolio managers happy to take a lot of risk. Eisler's business development team is run by James Meenan, a former managing director from Morgan Stanley.
However, Eisler uses headhunters to help it hire, too. The fund's defence document reveals that Garg was approached by Sarah Sopher at recruitment firm Execuzen, who is charged with providing Eisler with "potential recruitment opportunities." If you want to work for the fund, Sopher is the person to know.
Sopher approached Garg at Morgan Stanley. Eisler then offered him a sign-on bonus of $976k (£769k) plus a $1.5m guaranteed bonus for 2024, and other staggered payments to a total of $3.5m through to 2027.
However, there were conditions attached. The court documents state that Garg's sign-on bonus would be repayable if he left Eisler voluntarily within a 24-month period for any reason other than death or disability. After departing, Garg would then have to repay the gross rather than the net amount. Eisler introduced bonus clawbacks for all portfolio managers who leave the fund in June 2024.
Garg was, in fact, fired by Eisler in December 2024. After firing him, Eisler demanded that Garg repay £409k of his sign-on bonus in February 2025, followed by another £360k payment in December. Garg has so far repaid nothing.
Instead, he is arguing that Eisler wrongfully dismissed him. He was fired by the fund after he was briefly arrested last November. Eisler is arguing that it was within its rights to dismiss Garg and claims there were multiple breaches of its contract.
In a statement, Eisler said: “Eisler expects all its employees to maintain the highest standards of professional and personal conduct and to abide by Eisler’s compliance policies. Mr Garg’s employment with Eisler was lawfully terminated without notice due to his failure to comply with the terms of his contract and Eisler’s policies.”
Conversely, Garg's solicitors said the "substantial financial guarantees" paid by Eisler were only to be repaid if he were dismissed for gross misconduct and not if he were made redundant. Garg was, "falsely accused of a criminal offence by someone outside of work in mid-November 2024 which he disclosed to Eisler in his self-assessment in mid-December 2024, well before the submission deadline of 27th December 2024," they said. "Eisler are seeking to rely on this as constituting gross misconduct and terminated Mr Garg’s contract with immediate effect."
The case continues. Garg wants $3.4m in compensation. He now works for Squarepoint according to the FCA Register. It's not clear who recruited who him there.
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