Walleye Capital cuts equity long/short team after 5.9% loss

Walleye Capital is cutting its internal equity long/short team after the $17 billion manager lost 5.9% in October, its worst monthly performance since March 2020.

Anil Gondi, who joined in July 2025, is leaving along with a significant number of the team, Hedgeweek reported, citing an investor letter seen by Business Insider. Will England, chief executive and chief investment officer, wrote the firm was reviewing "every aspect" of its business.

For allocators, the key-person risk is concrete: remaining internal investment teams report directly to England. The unit's chief operating officer, Matt Giannini, left in September to return to Citadel, as Business Insider previously reported. Two senior exits from one division in three months belong in key-person and succession review, and make the size and seniority of what remains the question to put to the firm.

England tied the retreat to the cost of the build-out: "Those efforts did not produce the results we expected, and the opportunity cost and resources consumed have been too high relative to the return." That reverses a push that brought Gondi in roughly 16 months earlier.

Walleye is not withdrawing from equity investing. Internal teams will keep running, the firm plans to continue recruiting internal portfolio managers, and it will keep investments in externally managed stock-picking funds. It recently hired Anna Dev, previously of Millennium, to identify third-party investment opportunities. Walleye sits among multi-strategy platforms allocating to outside managers, including Benchstone Capital and Fifthdelta.