Tuesday, 21 October 2014
Last updated 58 min ago
Jun 21 2010 | 1:10pm ET
They’ve been back in charge for just a month, but the management of hedge fund Marble Bar Asset Management wasted no time in wielding an unyielding ax at the London-based hedge fund.
Marble Bar cut its staff by as much as half—from as many as 65 to 33—last week, following a management buyout. The layoffs fell across the board, with portfolio managers and traders getting pink slips, Bloomberg News reports.
Marble Bar’s management team—led by Hilton Nathanson, who founded the firm in 2002—bought the firm back last month from Swiss bank EFG International, which has bought a majority stake in Marble Bar in December 2007. The old-bosses-cum-new-bosses also plan to do away with some of the strategies added during EFG’s two-and-a-half years in charge, refocusing it on European equities.
Under EFG’s watch, Marble Bar’s assets under management fell from $6 billion to $1 billion.
In exchange for giving up control of Marble Bar, EFG will receive a portion of its future fee income.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...