Key Takeaways
- • Walleye Capital cut Anil Gondi, head of its equity long/short business, along with a substantial portion of its long/short team, according to a letter from CEO Will England quoted by Business Insider.
- • Walleye reportedly lost 5.9% in October and is returning some of its $17bn in capital to investors, per Bloomberg.
- • Walleye will continue trading stocks, but internal equity teams will now report directly to England, after the firm's effort to rebuild its internal business 'did not produce the results we expected.'
- • The move follows Walleye's refocusing on equities sales and trading after cutting credit teams in 2025 and global macro teams in 2024.
Summary
Walleye Capital, the multistrategy hedge fund with approximately $17bn in capital, has cut its head of equity long/short, Anil Gondi, along with a substantial portion of the equity long/short team, according to a letter to investors from CEO Will England quoted by Business Insider. Bloomberg reported that Walleye is returning some of its capital to investors. The firm reportedly posted a 5.9% loss in October. Walleye did not respond to a request for comment.
Business Insider reports that Walleye will continue trading stocks, but that internal teams will now report to England himself. In the letter, England wrote: "Over the past few years, we invested considerable effort in improving the internal business, including bringing in new leadership. Those efforts did not produce the results we expected, and the opportunity cost and resources consumed have been too high relative to the return."
England joined Walleye as a quant in 2013 and transformed the firm, previously an options market maker, into a multistrategy hedge fund. In a September 2023 interview with Colossus, when Walleye had about $5bn in AUM, England described portfolio management as psychologically "extremely toxic" and said he tries to be fair to PMs during drawdowns. The cuts come after Walleye refocused on equities following the reduction of credit teams in 2025 and global macro teams in 2024. The firm hired Tom D'Angelis, formerly head of equities business development at Citadel, in 2023, and recruited new equities PMs, including Gondi, who joined from Balyasny in July 2025.
One former Walleye PM told eFinancialCareers: "It's been a very unfortunate October for them. It's a shame they weren't more diversified."
Business Insider reports that Walleye will continue trading stocks, but that internal teams will now report to England himself. In the letter, England wrote: "Over the past few years, we invested considerable effort in improving the internal business, including bringing in new leadership. Those efforts did not produce the results we expected, and the opportunity cost and resources consumed have been too high relative to the return."
England joined Walleye as a quant in 2013 and transformed the firm, previously an options market maker, into a multistrategy hedge fund. In a September 2023 interview with Colossus, when Walleye had about $5bn in AUM, England described portfolio management as psychologically "extremely toxic" and said he tries to be fair to PMs during drawdowns. The cuts come after Walleye refocused on equities following the reduction of credit teams in 2025 and global macro teams in 2024. The firm hired Tom D'Angelis, formerly head of equities business development at Citadel, in 2023, and recruited new equities PMs, including Gondi, who joined from Balyasny in July 2025.
One former Walleye PM told eFinancialCareers: "It's been a very unfortunate October for them. It's a shame they weren't more diversified."
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