a platform designed
to be dynamic

by the numbers

2
core platform funds

founded in
2005

170+
Employees

100+
Underlying Strategies

6
main offices

2.5bn
Firm AUM

2
core platform funds

founded in
2005

founded in
2005

170+
Employees

100+
Underlying Strategies

6
main offices

2.5bn
Firm AUM

2
core platform funds

about us

a nexus of

people &
technology

Walleye Capital is an established, technology-driven investment advisor headquartered in Minnesota. The firm manages $2.5B of investor capital predominantly through two core multi-strategy hedge funds.

We seek to build talent density across all areas of our business and provide our team with world class resources for optimal results.

core multi-strategy funds

WOF

The Walleye
Opportunities Fund

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The Walleye Opportunities Fund ("WOF" or “The Fund”) is a multi-strategy hedge fund that aims to generate attractive risk-adjusted returns through a diversified portfolio of dozens of highly uncorrelated strategies. The Fund participates in four core strategy groups, including Equity Long/Short, Tactical, Quantitative, and Volatility strategies.

Inception Date: September 2018

Strategies: Equity Long/Short, Tactical, Quantitative, and Options/Volatility

WIF

The Walleye
Investments Fund

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The Walleye Investments Fund ("WIF") is a multi-strategy hedge fund with a primary focus on options market making.

Inception Date: April 2006

Strategies: Options Market Making, Equity Long/Short, Quant, and Tactical

investment
strategies

Walleye’s robust infrastructure and breadth of investment expertise enables the funds to maintain exposure to highly differentiated strategies that trade across the globe and in multiple asset classes.

A key advantage Walleye has is the ability to put capital to work through both internal Walleye portfolio managers and external managed accounts.

strategy
groups

Walleye was initially formed to manage an electronic and floor-based options market making operation. Today, the firm’s Options/Volatility strategies include macro volatility arbitrage, systematic FX volatility, convertible bond arbitrage, index market making, equity volatility arbitrage, and interest rate options market making.

Walleye has a preference for niche, fundamental market neutral strategies with demonstrable edge in a specific sector or sub-sector.

Walleye is able to leverage its robust technological and operational infrastructure to trade a wide range of systematic strategies across the globe and in asset classes including Equities, Futures, and FX.

Walleye’s Tactical group is predominantly focused on capital markets strategies, both in traditional IPO’s/Secondaries and SPACs trading. Walleye is uniquely positioned to succeed in capital markets-based strategies given the firm’s relationships across multiple bulge-bracket banks and ability to gain exposure through both internal PMs and external mandates.

Options/
Volatility

Equity
Long/Short

Quant

Tactical

Walleye was initially formed to manage an electronic and floor-based options market making operation. Today, the firm’s Options/Volatility strategies include macro volatility arbitrage, systematic FX volatility, convertible bond arbitrage, index market making, equity volatility arbitrage, and interest rate options market making.

Walleye has a preference for niche, fundamental market neutral strategies with demonstrable edge in a specific sector or sub-sector.

Walleye is able to leverage its robust technological and operational infrastructure to trade a wide range of systematic strategies across the globe and in asset classes including Equities, Futures, and FX.

Walleye’s Tactical group is predominantly focused on capital markets strategies, both in traditional IPO’s/Secondaries and SPACs trading. Walleye is uniquely positioned to succeed in capital markets-based strategies given the firm’s relationships across multiple bulge-bracket banks and ability to gain exposure through both internal PMs and external mandates.

walleye’s
edge

Experienced Leaders

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The team is led by experienced partners that, in many cases, have been at Walleye since the firm’s inception. Walleye’s success is largely derived from the quality of its people, as the firm has continued to add high quality talent density across all areas of the business over the last 15 years.

Strategy Sourcing

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Walleye’s business is predicated on sourcing high quality strategies. The firm’s sourcing team is comprised of highly experienced individuals continuously seeking to add new and complimentary sources of alpha through both external managed accounts and internal portfolio managers.

Complimentary Strategies

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The platform model allows Walleye to efficiently combine dozens of highly uncorrelated strategies in an effort to maximize the benefits of diversification and achieve an attractive Fund-level Sharpe Ratio.

Idiosyncratic Returns

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Walleye aims to generate its returns in a manner that is not attributable to market or common factors. The firm’s focus on a bottoms up approach and preference for alpha-oriented strategies has consistently driven results since its founding in 2005.

Risk Management

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Walleye’s leaders utilize their experience as practitioners and the firm’s robust technology to develop a network of interconnected processes that efficiently and, in many cases, systematically monitor quantifiable risk corridors for both individual strategies and the fund. The firm believes in allowing its portfolio managers to play to their strengths, but within reasonable yet well-defined constraints that collectively help mitigate unwanted portfolio-level risks.

Operational Alpha

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Operational infrastructure, if utilized appropriately, has the potential to generate significant alpha in a platform model. Walleye’s operations, finance, accounting, treasury, compliance and counterparty management teams are constantly striving to maximize their respective abilities to extract value and build upon the firm’s core infrastructure that has powered Walleye for 15 years.

custom-built technology platform

Core aspects of Walleye are supported by a custom-built database engine and automated trading platform, managed by a highly skilled development team.

Supporting every aspect of the system is Deephaven Data Labs, which was originally built to accommodate the enormous data challenges posed by modern equity options market making. Walleye spun out Deephaven Data Labs as an independent technology business in 2016.

team

Mr. Carney has been with Walleye since 2006 and a Partner since 2015. He is a member of the Investment Committee.  He has been an integral part of building the Investment Manager’s US options market making business since its inception. As CEO, Mr. Carney oversees all aspects of the firm’s activities, with operational responsibility for monitoring and maintaining firm-wide risk levels and controls.

Prior to joining Walleye, Andrew was an actuary at Willis Towers Watson (formerly Towers Perrin).

Andrew graduated Magna cum Laude from Luther College with a BA in Mathematics/Statistics. Additionally, he is an Associate in the Society of Actuaries.

Mr. England joined Walleye in 2013 and became a partner in 2017. As Chief Investment Officer, Mr. England oversees internal and external strategy allocations and is responsible for risk management. As a partner, Mr. England is responsible for overseeing fundraising activities as well as identifying strategic opportunities.

Mr. England began his career as a Quantitative Researcher for the AHL division of London-based Man Group Plc, researching and implementing algorithmic trading strategies across global futures and equity instruments. He also spent time with Valor Equity Partners, a leading growth private equity firm.

He earned a BSE in Operations Research and Financial Engineering from Princeton University (Academic All-Ivy honors) and a Master’s degree in Mathematical and Computational Finance from Oxford University. Throughout his time at Princeton and Oxford, Mr. England was an accomplished rower, appearing in multiple World Championships for the U.S. National Team and winning the Oxford-Cambridge Boat Race.

As a founding partner of Walleye, Mr. Kessler is primarily involved in setting the strategic direction of the firm. He is a member of the Investment Committee. Mr. Kessler was also the founding member and Chief Investment Officer of Provident Advisors LLC.

Prior to co-founding Walleye in 2005, Mr. Kessler was CEO and CIO of Deephaven Capital Management, a multi-strategy hedge fund he co-founded in 1994.  Mr. Kessler founded and co-founded several other companies in the past. In 1995, he co-founded Arbitrade, a global market maker in exchange traded derivatives. When Arbitrade and Deephaven were sold to Knight Trading Group in 2000, Mr. Kessler joined Knight’s executive oversight committee. Mr. Kessler also co-founded Kessler-Asher Group in 1986, a firm that offered clearing, training, and financial backing to professional traders.  The firm was sold to Spear, Leeds & Kellogg in 1998.  He also founded Provident Real Estate Advisors to invest in distressed real estate.  PREA began purchasing and managing single family homes for rent in 2009.  These portfolios morphed into a public REIT, Silver Bay Realty Trust Corp. (NYSE: SBY), of which Mr. Kessler was one of the founders and served as Chairman of the Board of Directors until SBY’s sale for $1.3B to another public company in 2017.

Mr. Kessler began his career as a floor trader in 1978, trading and making markets in equity and index options, treasuries, foreign exchange and grains on the CBOE, CBOT, and CME until 1990.  He was elected to the Board of Directors of the CBOE and Cincinnati Stock Exchange in 1988.

Mr. Lyons is a Partner and founding member of Walleye.

Mr. Lyons was the head equity and index trader at Arbitrade from 1997 through 2005, as its ownership transferred to Knight and Citigroup, respectively. Mr. Lyons’ index group was in the top two in contract volume traded on the CBOE and the Chicago Mercantile Exchange for seven consecutive years.

Mr. Lyons originally was with Mr. Kessler as a trader with the Kessler Asher Group from 1984 to 1996 in Chicago on the CBOE, in New York on the Amex, and in Frankfurt Germany on the DTB.

Mr. Mattson joined Walleye in 2005 and became a Partner in 2017.

Prior to joining Walleye, Mr. Mattson had spent more than five years working for Willis Towers Watson where he worked as a consulting actuary for large pension plans.

Mr. Mattson graduated from the University of Minnesota with a B.S. in Mathematics and a B.S. in Economics. He is a CFA charterholder.

Mr. Tusler joined Walleye in 2005 and is responsible for accounting, finance, operations, tax and regulatory reporting requirements for each of the firm’s domestic and international entities. 

Prior to joining Walleye, he had spent more than eight years in accounting capacities for multi-strategy hedge fund EBF & Associates, NRG Energy, and Ernst & Young.

Mr. Tusler graduated Magna Cum Laude from University of Minnesota at Mankato with a BS in Accounting and Business Administration. He also earned a full scholarship to the University of Denver, where he received a Masters in Taxation.

Mr. Zeldis has been with the Walleye since 2005 and a Partner since 2015. He has been instrumental in designing and developing the firm’s competitive technology infrastructure as well as some of its trading strategies.  As a Partner, Mark continues to manage the infrastructure and support needs of the trading groups.

Prior to joining Walleye, Mr. Zeldis was Vice President at Lehman Brothers in Equities Technology.  He was responsible for reengineering the company’s Position/PNL/Risk system and  providing assistance in platform and logic development behind Lehman’s execution strategies. Early on in his career, Mr. Zeldis founded SeekImage.  Here, he was able to invent and develop algorithms behind content-based image retrieval and recognition on a large scale.

Mr. Zeldis graduated from Brown University with a BS in Computer Science.

Mr. Aronson joined Walleye Capital in 2020 and is responsible for the sourcing and recruitment of trading talent across multiple asset classes.

Prior to joining Walleye, Mr. Aronson was a partner and Director of Business Development at Ronin Capital. Mr. Aronson  also served on the Board of Managers and was CEO of Ronin Professional Executions. Throughout his years at Ronin Capital, he was responsible for strategic growth, recruitment, clearing and exchange relationships as well as managing day to day operations of the firm. He began his career with Stafford Trading as an equity trader.

Mr. Aronson graduated from New England College with a B.A. in Psychology.

Mr. Beckham joined Walleye in 2021 as a Managing Director in Business Development. Mr. Beckham oversees sourcing, diligencing and hiring of internal and external mandates. His Business Development role is comprehensive and includes initiatives such as building out new offices and strategies and identifying strategic opportunities.

Mr. Beckham began his career as a proprietary (“prop”) trader at Assent, LLC trading market microstructure opportunities on the NYSE. He later moved into trading global index event rebalances and reconstitutions at Alpine Global Management, LLC. Most recently Mr. Beckham worked at the Teacher Retirement System of Texas (“TRS”) where he invested several billion dollars within the External Public Markets group allocating to hedge fund and long-only/oriented managers. Mr. Beckham also worked in the Internal Public Equities unit and built out the Equity Capital Markets desk at TRS before joining Walleye.

He graduated magna cum laude from Texas A&M University with a BBA in Finance and minor in psychology. He is a CFA charterholder and also maintains the CIPM and CAIA designations.

Ms. Cohen joined Walleye in 2018. She is responsible for managing the sourcing and initial due diligence process across fundamental strategies, including external investment opportunities and internal portfolio management talent.

Prior to joining Walleye, Ms. Cohen ran Business Development at a New-York based, emerging hedge fund. Here she was responsible for leading the firm’s external capital activities and investor relations functions. Early on in her career, Ms. Cohen worked at Barclays on the Institutional Equity Sales team.

Ms. Cohen graduated from Boston College with a B.A. in International Studies.

Mr. Dua joined Walleye in January 2021 as Managing Director and Head of Systematic Macro Trading. He is building out a trading business focused on medium frequency systematic strategies involving liquid futures and FX instruments. His role spans business development, infrastructure creation, capital allocation, and risk management for the strategies in his portfolio.

Prior to joining Walleye, Mr. Dua was the Chief Investment Officer for Asset Management at GTS, which he joined in 2015. He led their portfolio allocation, risk management, new alpha development, and sourcing efforts. He was also heavily involved with fundraising and business development. Prior to joining GTS, he worked at Barclays from 2008 to 2014, where he was a Director and managed a $500mm portfolio of diversified cross-asset systematic strategies. He ran a team of traders and quants focused on developing and executing new alpha strategies in the FX, rates and equities markets. Prior to joining Barclays, he was an Associate at Lehman Brothers from 2007 to 2008.

Mr. Dua graduated with a Master’s of Engineering degree with a concentration in Financial Engineering and Finance from Cornell University in 2007 and a Bachelor’s of Science degree, summa cum laude, from Cornell University in 2006.

Mr. Brenner joined Walleye in 2018 as Chief Marketing Officer. He is responsible for the firm's fundraising and investor relations activities.

Prior to joining the firm, Jonathan was a Vice President in the Capital Strategy Group at Bank of America Merrill Lynch. Before Bank of America, Jonathan spent four years as a Senior Analyst in the Investment Research Group at Ehrenkranz Partners, a New York-based Multi-Family Office. Jonathan began his career in the Consulting Group at Cambridge Associates.

Jonathan graduated with a B.A. from Bucknell University. He was also a member and 2009 co-captain of the Bucknell Men's Tennis Team.

Ms. Pascal joined Walleye in October 2020. She is responsible for building and developing current investor relationships.

Prior to joining Walleye, Ms. Pascal worked at GoldenTree Asset Management on the Business Development team. She began her career as a member of the Bank of America Capital Strategy Group where she was responsible for consulting hedge fund clients on capital raising efforts.

Ms. Pascal graduated from Middlebury College with a B.A. in Economics. She was also a 2016 tri-captain of the Middlebury Women’s Lacrosse Team and 2016 NCAA DIII National Champion.

Since joining Walleye in 2019, Mr. Beagley has focused on enhancing Walleye’s risk management and monitoring framework.  He is also responsible for setting and monitoring risk limits for new strategies and building tools to enhance firm leadership’s abilities to assess strategy and fund level risk metrics.

Prior to joining Walleye, he spent 4 years as a discretionary trader and market maker in equity index, FX and short term interest rate futures, before transitioning to a 6 year stint as a risk analyst at Magnetar Capital, with a focus on portfolio risk reporting.

Mr. Beagley completed a BS/MS in Biomedical Engineering at Washington University in St. Louis, where he competed on the varsity cross country and track and field teams.  He also earned a Masters in Financial Mathematics from New York University.

Mr. Eckstein joined Walleye Trading in 2014. In this role, Mr. Eckstein is responsible for Equity Long/Short managers. He is involved in sourcing and evaluating the performance of both internal and external allocations.

Prior to joining the firm, Mr. Eckstein worked at AXIS Capital, a Bermuda-based insurance and reinsurance company, where he invested in hedge funds and long-only equity managers. Before AXIS, Mr. Eckstein worked at Pequot Capital, a long/short equity hedge fund, as a risk analyst.

Mr. Eckstein earned an MBA, Dean’s List, in Finance from Columbia Business School and a BA, cum laude, in Mathematics from Dartmouth College.

Mr. Martin joined Walleye in 2020 as a Portfolio Manager focused on the Equity Capital Markets strategy.  Mr. Martin primarily focuses on emerging growth, private equity owned and venture funded companies as they enter the public markets, and companies looking to raise primary equity capital for strategic purposes through public offerings.  Mr. Martin also sits on the board of a publicly listed NYSE company and is a member of their audit committee.

Prior to joining Walleye, Mr. Martin cofounded Herndon Capital, a Washington, D.C. based private equity firm founded in 2019, and focused on companies within the national security and defense sectors. Prior to founding Herndon Capital, Mr. Martin was a portfolio manager with UBS O’Connor, a $6 billion multi strategy global hedge fund, where he managed a long/short equity portfolio and led the investment team through 600 initial public offerings and private placements, from 2012 to 2018. Prior to O’Connor, Mr. Martin was a Director on the convertible securities team at Bank of America Merrill Lynch.

Mr. Martin served over a decade in the United States Navy.  As a SEAL officer, Mr. Martin served worldwide in several leadership roles as the operations officer of two SEAL Teams and as a deployed task unit commander. Mr. Martin conducted several deployments to include Afghanistan and Iraq and was awarded numerous combat awards and medals including the Bronze Star with Valor. Mr. Martin received a Bachelor’s degree in Mathematics with merit from the United States Naval Academy and currently serves as Vice Chairman of the Board of Directors on the Navy SEAL Foundation.

Mr. McGehee joined Walleye in 2016, and oversees Walleye’s Quantitative Strategies.

Prior to joining Walleye, Mr. McGehee was a Portfolio Manager for BlueCrest Capital Management, where he led a team managing quantitative equity strategies for BlueCrest’s Strategic Equities Fund. Previously, he was Senior Portfolio Manager at Geode Capital Management where he oversaw management of all equity market neutral strategies at the company. He started his career as a management consultant at Bain & Company.

Mr. McGehee is a CFA charter holder and holds a B.A. degree in Mathematics and Statistics from Williams College.

Mr. Tennican is a Senior Portfolio Manager leading an Equity Volatility Arbitrage group, which he has managed since joining Walleye in 2013.

Previously Mr. Tennican managed equity options portfolios as a lead market maker on the floor of the ARCA options exchange, as an off-floor market maker, and at a small volatility-focused hedge fund that he co-founded before merging its operations with Walleye.

Mr. Tennican holds a BA in History from UC Berkeley and an MFE from the UC Berkeley Haas School of Business.

Mr. Bacon was recruited by Walleye in 2008 to manage the firm's IT infrastructure.

He has spent most of his career in finance, first joining Arbitrade (later purchased by Knight) in 1998 and helping lead the expansion of the firm's electronic market-making platform across all of the major US options exchanges. Later he joined Citigroup where he held leadership roles in Global Equities derivatives technology. Prior to his career in finance, he worked for Collective Technologies as an IT consultant, and spent several years as a lead systems administrator at Michigan Technological University.

Mr. Bacon graduated summa cum laude from Michigan Technological University with a B.S. in mechanical engineering.

Mr. Elamri is a specialist in derivative products and is responsible for oversight of regulatory compliance for all Walleye entities and affiliates.

Prior to joining the firm in 2009, he served as a Senior Compliance Officer at Citigroup Derivatives Markets, where he concentrated on building the compliance infrastructure for four years. From 2002 until 2005, Mr. Elamri worked in the Market Surveillance Department of the International Securities Exchange in New York.

Mr. Elamri earned a BA in Finance from the Institute of High Studies of Management in Casablanca, Morocco, and a Master of International Business from Jacksonville University.

Ms. Mikell began her association with Walleye in 2013 and is responsible for the onboarding of managers, including the coordination with our fund administrator and prime broker relationships.

Prior to joining Walleye, Ms. Mikell was Vice President at Goldman Sachs and Branch Manager of the Chicago and Philadelphia offices. She directed a team of professionals, including client service, membership, and technical support that provided clearing, execution, and financing services for a sophisticated derivative-focused client base. Ms. Mikell began her career in accounting at the Chicago Board Options Exchange and went on to work at Kessler Asher Group.

She received a BS in Commerce from DePaul University and an MBA from Northwestern University – Kellogg School of Management.

Mr. Moeller has been General Counsel and Chief Legal Officer of Walleye since January 2015. He manages the firm's legal department and is responsible for legal affairs of the company.  He is an integral part of company decision making in all areas, including regulatory, compliance, strategic direction and risk management.

Prior to joining Walleye, Mr. Moeller was Assistant General Counsel of Advantus Capital Management, a registered investment adviser based in St. Paul, Minnesota, that focused on institutional asset management. Prior to his work at Advantus, Mr. Moeller was an associate attorney in the corporate department of Dorsey & Whitney LLP, based in Minneapolis.

Mr. Moeller received a JD from The George Washington University Law School in Washington, DC and a BS, majoring in Finance, from the University of Minnesota’s Carlson School of Management.

Mr. Rauser has been with Walleye since 2013, joining full-time in 2014 following a collegiate internship. In his role, he plays an integral part in the design and management of Walleye’s proprietary technology as well as the integration of any external trading platforms. In particular, Mr. Rauser focuses on the interaction between Walleye’s trading and non-trading functions, including back and middle office operations, compliance, accounting, and risk.

Mr. Rauser graduated from the University of Minnesota, Twin Cities with high distinction with a B.S. in Mathematics.

walleye
history

Walleye is established to manage an electronic options market making operation

2005

After five strong years, sensing a paradigm shift in the environment for options market making, Walleye partners begin to evolve the business away from pure market making by adding a focus on alpha-based strategies within options and equities

2011

Initial software is released and WIF is formed to capitalize on Walleye’s models

2006

Walleye launches its second platform fund, WOF, largely to take advantage of its non-options strategies. The firm adds resources to its business development team as it continues to institutionalize the sourcing process

2018

Walleye successfully accelerates its participation outside of capacity constrained options/volatility strategies and decides to accept a limited amount of external capital in WIF

2017

Walleye decides to close WOF to ensure an efficient absorption of capital raised during 2019. The team focused on allowing the processes which govern the fund to mature, and continue to build talent density across all areas of the firm, most notably internal PMs

2020

The firm continues to add high quality talent across its four core strategy groups and strategically raises additional capital in WOF to satisfy incremental capacity

2019

Walleye reopens WOF for additional capital

2021

2005

Walleye is established to manage an electronic options market making operation

2006

Initial software is released and WIF is formed to capitalize on Walleye’s models

2011

After five strong years, sensing a paradigm shift in the environment for options market making, Walleye partners begin to evolve the business away from pure market making by adding a focus on alpha-based strategies within options and equities

2017

Walleye successfully accelerates its participation outside of capacity constrained options/volatility strategies and decides to accept a limited amount of external capital in WIF

2018

Walleye launches its second platform fund, WOF, largely to take advantage of its non-options strategies. The firm adds resources to its business development team as it continues to institutionalize the sourcing process

2019

The firm continues to add high quality talent across its four core strategy groups and strategically raises additional capital in WOF to satisfy incremental capacity

2020

Walleye decides to close WOF to ensure an efficient absorption of capital raised during 2019. The team focused on allowing the processes which govern the fund to mature, and continue to build talent density across all areas of the firm, most notably internal PMs

2021

Walleye reopens WOF for additional capital

contact us

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Manager Candidates

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For External Managed
Account Candidates

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For all other hiring inquiries, please click here

walleye offices

Minneapolis
2800 Niagara Lane North
Plymouth, MN 55447
952.345.5200

New York
120 Fifth Avenue, 11th Floor
New York, NY 10011

Boston
84 State Street, Suite 800
Boston, MA 02109

San Francisco
6001 Shellmound Street, Suite 810
Emeryville, CA 94608

Chicago
111 W Jackson Blvd, Suite 17043
Chicago, IL 60604

Austin
500 W 2nd Street, Suite 1900
Austin, TX 78701

walleye offices