Trading & Options · Profile from Trading and Options Research Companion
GSA Capital
The London quantitative trading firm that Jonathan Hiscock, Deutsche Bank's former head of global statistical arbitrage, founded in 2005 with about 15 staff as a systematic long/short equity hedge fund (Wikipedia, citing GlobalCapital, Jan 2005). It never grew large — about $2.6–2.7bn of assets in 2021–22 (Bloomberg; Wikipedia) and $4.9bn of regulatory assets in mid-2026 (Form ADV) — but its UK partnership accounts show unusually high profit per head, and it is the firm Alex Gerko left in 2015 to found XTX Markets, later one of the largest non-bank FX market makers. In November 2021 GSA said it would become a private trading firm and return capital to outside investors (FT, 19 Nov 2021). Its story turns on small-firm quant economics and talent: a few dozen researchers, a handful of partners, and a record that is visible only through filings. This profile has six moves — GSA discloses little, so the blueprint's 5–7 allowance is used.
At a glance
- Founded
- 2005, London, by Jonathan Hiscock (Wikipedia); GSA Capital Partners LLP registered 15 Sep 2004 (OC309261) and GSA Capital Services Limited 23 Dec 2004 (05320529) (Companies House). The group's Australian entity is called Global Statistical Arbitrage Australia Pty Limited (2025 accounts) — consistent with "GSA" standing for Global Statistical Arbitrage (verify)
- Headquarters
- Stratton House, 5 Stratton Street, London W1J 8LA (Companies House); New York affiliate at 1270 Avenue of the Americas (IAPD)
- Ownership / structure
- Private. GSA Capital Partners LLP is the FCA-authorised manager; its corporate member and parent, GSA Capital Services Limited, is wholly owned by GSA Capital Limited (Cayman Islands), of which Jonathan Hiscock is the 100% shareholder (GSA Capital Services 2025 accounts)
- Regulators
- FCA (UK); SEC-registered adviser (CRD 138805); registered with the CFTC and NFA (accounts); GSA Capital Partners (New York) LP is a separate SEC-registered adviser (CRD 286369)
- Leadership
- Jonathan Hiscock (founder; director); David Khabie-Zeitoune (CEO; ex-Brevan Howard per Wikipedia; director)
- Funds (Form ADV, 29 Jun 2026)
- GSA International Master Fund (gross assets $1.62bn; ~70% owned by GSA and related persons) and GSA QMS Master Fund ($3.30bn; ~3% related persons, ~20% funds of funds); regulatory AUM $4.91bn across 9 pooled vehicles. Earlier funds: GSA QMS, GSA Trend and GSA EMN (2016 accounts); GSA Quantitative Futures Fund (launched May 2011)
- Scale (dated)
- ~15 staff (2005); ~$2.6bn (Oct 2021, Bloomberg); ~$2.7bn and ~120 staff (2022, Wikipedia citing Form ADV); 152 average employees (group, year to Mar 2025); 153 employees on Form ADV (Jun 2026)
- Audited results (GBP, LLP, years to 31 Mar)
- Turnover £247.1m (FY2016 peak, incl. a one-year mandate); £79.5m (FY2019); £167.8m (FY2025). Profit before members' remuneration £150.7m (FY2025) shared among 18 members on average; the largest member's entitlement £70.0m
- Signature moves (incl. failures)
- Founding from Deutsche Bank's stat-arb team (2005); low-fee trend fund (2013); Gerko leaves to found XTX Markets (2015); fee income halves and the Hong Kong retreat (FY2019–21); the Citadel Securities trade-secret suit (2019–21); becoming a private trading firm (2021)
6 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2005
Founding GSA from Deutsche Bank Stat Arb
Founding or fund launch / hiring, spin-out or partner departure
2013
Low Fee Trend Fund
New strategy, product or market / capital raise or fee change
2015
Gerko Leaves to Found XTX Markets
Hiring, spin-out or partner departure
2019
Citadel Securities Trade Secret Suit
Regulatory, enforcement or legal action (civil litigation) / hiring
2019
Fee Income Halves and Hong Kong Retreat
Loss, drawdown or blow-up response / closing a fund or strategy (office)
2021
Becoming a Private Trading Firm
Capital raise, fee change or return of outside capital / strategy pivot