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.