No Bonus For You! Amaranth-Scarred Ivy Scotches Payouts

Feb 7 2007 | 1:01pm ET

The turmoil continues at Ivy Asset Management, as the Bank of New York-owned fund of hedge funds will reportedly not pay out year-end bonuses. The firm, with about $15 billion in assets under management, has suffered redemptions of up to $1 billion and a major management shakeup after massive losses resulting from the collapse of portfolio fund Amaranth Advisors.

The trouble—and the payday hit—are causing some Ivy employees to look for greener pastures. At least one portfolio manager has already left, according to HFMWeek, and at least three portfolio managers and analysts have contacted recruiters, seeking an exit from the embattled firm.

Just this week, Ivy named Northstar Financial Services’ Peter Noris its new chief investment officer, replacing Adam Geiger, who left in December.


In Depth

Q&A: Omni Macro Fund Bullish On India, Watching China

Mar 4 2015 | 3:35pm ET

Omni Macro Fund was formed in 2007 by Stephen Rosen, previously a prop trader at...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Managing Diversification And Drawdowns In The “New Normal”

Mar 5 2015 | 2:42pm ET

In 2008-2009 diversification alone failed to provide adequate risk management for...

 

Editor's Note