UK-based $4.5bn hedge fund firm Eisler Capital has reportedly agreed to acquire Neil Phillips’s Glen Point Capital.
The deal, whose financial details have not been revealed, is expected to close by the end of March next year, Bloomberg reported.
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Based in London, both Eisler and Glen Point were established in 2015 and trace their origin to macro trading.
Glen Point was founded by Phillips and his former BlueBay Asset Management colleague Jonathan Fayman with backing from angel investors including George Soros.
The firm currently operates three strategies focused on global macro, emerging market fixed income, and emerging market relative value opportunities.
As part of the deal, the three Glen Point funds are expected to continue operating while Phillips will manage money for Eisler.
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By GlobalDataA majority of Glen Point’s 31 employees are also expected to join Eisler following the transaction.
Commenting on the deal, Phillips said he is planning on to ‘capitalise on all the benefits of joining a larger business.’
The acquisition comes as Eisler seeks to expand into other strategies to compete with larger players including Millennium Management and Citadel for both capital and talent.
The addition of Glen Point is expected to boost Eisler’s assets by $1.5bn.
Furthermore, the addition of a new trading team and three funds anticipated to help Eisler transform into a multi-strategy investment platform.
Eisler Capital founder and CIO Ed Eisler said that the transaction would further expand the firm’s macro and emerging markets capabilities.
Eisler uses discretionary and systematic trading to bet on directional, relative value, mean reversion and volatility trading opportunities across all asset classes.
