A multi-strategy fund does not just pick trades — it decides how much capital each strategy gets. This is the capstone layer above the seven strategy desks (Best Ideas, Pairs, Trend, Merger-Arb, Spin-Off Desk, Index-Recon, Risk Radar): a central allocator that sizes each desk by inverse-volatility risk parity so every desk contributes a similar share of risk, then tilts toward the macro regime — trend and defensive desks gain weight when the tape turns risk-off, the long book gains in risk-on. A stale desk is taken offline; a live-but-empty desk runs at half weight. The headline number is the diversification ratio: how much the multi-desk structure cuts portfolio risk below the desks standing alone.