On the heels of a 5.9% loss in October, $17 billion Walleye Capital is making a change.
The company cut its head of long-short equities, Anil Gondi, according to a letter to investors, seen by Business Insider.
After its worst month since March 2020, the firm is taking a hard look at “all aspects” of the company, wrote Will England, the fund’s CEO and chief investment officer.
“With this in mind, we are simplifying our internal long/short equity operations,” he said. “This decision involves parting ways with our long/short management and a substantial portion of our internal long/short investment teams.”
The company declined to comment. Gondi did not immediately respond to a request for comment.
Gondi joined Walleye in July 2025. Before that, he was a long-time stock-picking portfolio manager at Balyasny Asset Management and founded his own company, 6elm Capital, according to his LinkedIn profile.
This is the second significant personnel departure this year for Walleye’s stock picking unit. The group’s COO, Matt Giannini, left in September to return to Citadel, Business Insider previously reported.
“Over the past several years, we have invested considerable effort to improve internal operations, including appointing new leadership,” England wrote. “These efforts have not produced the expected results, and the opportunity cost and resources consumed have been too high in relation to the return.”
In the company’s letter to investors, Walleye makes clear that it intends to continue trading shares. The manager’s internal teams will now report to England, and Walleye intends to continue investing in externally managed stock-picking funds and hiring internal PMs.
The company recently hired Anna Dev, who previously worked in business development at Millennium, to help it find external opportunities. Business Insider previously reported that the manager was one of several multi-strategy platforms that invested money in funds run by former Citadel traders, such as Tommaso Trento’s Benchstone Capital and Fifthdelta, led by Niall O’Keeffe and Tio Charbaghi.
October was a difficult month for hedge funds overall, and stock selection teams were not spared. Stock-heavy companies such as Point72 Asset Management and Schonfeld Strategic Partners lost money during the month.
Mass sales in big tech names like Meta and Intel highlighted a volatile month in which the S&P 500 index fell about 1%. The amount of short selling against individual companies has reached its highest level in five years, according to data from Goldman Sachs.
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