Eisler Capital employees will learn their fates on Friday
Hedge fund Eisler Capital is closing its doors and returning its $3.2bn of funds, and is aiming to do wind down by the end of the year. As it does so, its 250 staff will be let go. This Friday, they will apparently find out how long exactly they're needed for.
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Eisler Capital didn't comment for this article, but multiple sources at the fund said they will discover the timing of layoffs in London this Friday. Staff at Eisler in London said they've been asked to come into the office all week, but that people will be informed of consultation periods Friday.
Consultation periods are a legal requirement in the UK when more than 20 redundancies take place. If 100+ redundancies are happening, the consultation period will last 45 days. Eisler employees say they're expecting to be unleashed in mid-November, unless they have to stay for the full wind-down. In the latter case, they'll be around until the end of the year, so it's not a huge reprieve.
As we reported yesterday, headhunters have been busy discussing alternative opportunities with people at Eisler. One said people there have been talking openly with him: "Everyone's just been in the office, talking to recruiters."
Some things remain to determined. They include the size of severance packages and whether people recently hired at Eisler will still receive their guaranteed bonuses.
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