Monday, 29 August 2016
Last updated 2 days ago
Sep 29 2010 | 10:21am ET
D.E. Shaw Group, which has seen its assets under management drop by half over the last two years, has cut about 10% of its employees.
The roughly 150 casualties range from senior executives to back-office staffers working on the New York-based firm’s Composite Fund. Composite was one of the two funds at D.E. Shaw that restricted redemptions in 2008, despite losing roughly half as much as the average hedge fund that year.
Those withdrawal limits are set to completely expire at the end of this month.
“The D.E. Shaw Group has taken steps to strengthen our business and maximize value for our investors over the long term,” the firm said.
D.E. Shaw currently manages about $21 billion, down from its $40 billion peak in 2008. Most of the decline has been due to investor redemptions.