Marble Bar Cuts Half Of Its Staff

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.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

The Life Settlement: Yield For The Investor And Cash For The Consumer

Mar 31 2015 | 6:48am ET

Investors are languishing in a yield-starved, low-interest rate environment, looking...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note