London-based investment firm Eisler Capital is facing a £388,800 legal challenge by a specialist hedge fund headhunter over alleged breach of contract.
Monroe Partners is a London-based placement agent and senior recruitment specialist for hedge funds. It has called on national law firm Acuity Law to file a claim in the High Court last month against Eisler Capital.
According to its claim form as seen by City A.M., Monroe and Eisler entered into a contract in November 2022 for Monroe on a non-exclusive basis, to introduce portfolio managers (or groups of portfolio managers) to the Eisler, in return for recruitment fees.
The claim outlines that the recruitment fee for a portfolio manager is a flat fee of $400,000 (£319,200) upon hire and $200,000 (£159,600) upon completion of the first year of employment.
The claim alleges that Eisler Capital hired a person for a role which it claims was one of its candidates.
However, the claim stated that a letter from the defendant’s lawyers, City-based Mishcon de Reya, stated that this person was introduced to the firm by another recruiter. Monroe stated that the defendant failed to disclose the identity of the other recruiter to it in pre-action correspondence.
It is now suing Eisler for breach of contract and is seeking the sum of £388,800, the flat fee (converted to British Pounds) arising from the introduction, as it claims the Hedge Fund firm failed to pay its invoice.
The claim also adds that in the event this person remains employed by the defendant on 24 June 2024, the claimants will be asking for a further sum of $200,000.
Both parties were contacted for comment.
This story was updated to remove the mention of the deputy chief investment officer as that was not the role in question.