Sunday, 28 August 2016
Last updated 1 day ago
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.