Will England is the CEO and Co-CIO of Walleye Capital. We cover the mechanics and complexity behind the multi-strategy model, the importance of finding managers with aligned incentives, and how to instill a culture of performance at a firm.
Principles & Lessons:
1. Building a successful pass-through multi-manager platform demands combining “excellent individual managers” with what Will calls a “world-class operating company.” He highlights that managing “hundreds of excellent individual managers or pods” can be exponentially complex, stressing that “the sophistication of the risk systems is very much tied to the sophistication of the technology systems.” This model targets pure alpha through uncorrelated strategies, but it requires disciplined operational practices to sustain high returns under substantial leverage.
2. Scale in this model is both a “strategy scale” and a “company scale” exercise, and each must be handled carefully. Will observes that for any individual strategy, “the market is still there, you can't outrun” liquidity issues and natural constraints, but once you combine multiple strategies under a single, robust operating framework, “company scale” becomes an advantage. He says, “You only build world-class technology if you can build it for dozens and dozens of people… the complexity doesn’t scale linearly, it scales exponentially.”
3. Achieving a few percentage points of consistent “spread” or alpha at the strategy level is deceptively difficult. Will notes, “Individually, they’re really looking to make 2% to 3% on gross market value,” and with high levels of leverage, a 3% spread on gross might translate to 15% net returns. Yet these small edges require relentless risk management, rigorous guardrails, and rules that limit any single pod’s concentration or factor exposures so “you don’t drive off” the metaphorical highway.
4. Intricate risk management is essential, especially when unexpected correlations appear. Will underscores the importance of quickly spotting “resonant frequencies” across pods that may share common exposures without realizing it. During episodes like the GameStop short squeeze, he recalls “people in our industry just absolutely freaked the f*** out,” forcing his team to think in real time about hidden crowding and whether “high short-interest stocks” in their book might be targeted next. With strong systems and preparedness, a firm can “play from a position of strength” rather than dump everything indiscriminately.
5. The platform’s “center book” can capture signals from individual managers collectively, but it may cause cultural frictions if managers feel their ideas are “copied.” Will explains that “from a firm perspective, it’s more efficient,” but portfolio managers dislike losing carry on trades they initiate. He has addressed this by “being transparent to the PMs and having them participate in the economics,” reflecting an attempt to balance the firm’s need to “magnify exposure” to good ideas with individual incentives.
6. Recruiting and retaining high-performing portfolio managers is about more than just money. Will finds that top people often want respect and support: “They don’t want to be motivated by fear,” and they “still want to have a connection with their firm.” He believes a culture of fairness and open collaboration prevents burnouts and discontent. According to him, “It would be inaccurate to say this is a family… it’s a professional sports team,” but respect, honesty, and shared purpose remain key to attracting strong talent.
7. The firm’s leadership style emphasizes principles of excellence and humility—somewhat akin to New Zealand’s All Blacks “sweep the sheds” mindset. Will, referencing James Kerr’s work on the All Blacks, notes how even elite players must do small tasks like cleaning the locker room, reinforcing a culture of accountability. He says, “How you do anything is how you do everything,” pointing to the idea that consistent excellence in minor details fosters broader institutional success.
8. A consistent pursuit of “doing difficult things well” shapes the personal motivation behind Will’s management approach. He describes an environment where people who “just want to be great” are valued, recalling his own background in rowing and a pivotal career moment when he was failing at a private equity firm but was given support instead of being fired. “We’re going to help you and give you the tools,” he was told, illustrating how combining performance culture with human empathy can propel long-term growth in both individuals and the entire platform.
Transcript