Quant hedge fund Seven Eight Capital is winding down a year after leaving Schonfeld

Seven Eight Capital

Quant hedge fund Seven Eight Capital is winding down, according to people familiar with the matter.The fund managed around $500 million at its peak and traded for Schonfeld for many years.The funding is closing after large investors pulled capital, the people said.

Quant hedge fund Seven Eight Capital, which for many years invested money for Schonfeld Strategic Advisors, is winding down, according to people familiar with the matter.

Seven Eight Capital is closing as a hedge fund and will cut most of its staff after two large investors redeemed capital, the people said, asking to remain anonymous because the information isn’t public.

The firm could continue to operate in some capacity, the people said, potentially as a separately managed account for an existing hedge fund.

Cofounder Adrian Sisser declined to comment when reached by phone.

Seven Eight, founded by Sisser and Stephen Cash, managed around $500 million in assets at its peak, sources familiar with the firm said. It had 22 employees this year, according to a regulatory filing,

For many years it managed capital for Schonfeld Strategic Advisors, trading on the multimanager hedge fund’s platform for more than a decade.

The two firms cut ties last year amid a reorg and cutbacks at Schonfeld.