Friday, 26 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.