GLC, the multi-strategy firm led by Lawrence Staden that was one of London's earliest and most colourful hedge fund groups, is to return capital to investors after more than 20 years in business. The firm has concluded that the significant structural market changes of the last few years are unlikely to create the same kind of conditions for its short-term quant trading strategies in the future that had previously enabled Staden and his colleagues to deliver excellent results for investors over most of the past two decades.