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

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...