D.E. Shaw Slashes 150 Jobs

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.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of