Friday, 31 October 2014
Last updated 13 hours ago
Feb 16 2011 | 3:54am ET
D.E. Shaw & Co. will cut its fees by more than 16%, offering a break to investors who pay substantially more than the industry standard two and 20.
The New York-based firm, which manages $19 billion, will cut its management fee to 2.5% from 3% and its performance fee from 30% to 25%, Reuters reports. The move comes after D.E. Shaw disclosed returns of just 2.45% for its flagship last year, less than one-quarter the return of the average hedge fund.
The firm has also been aggressively cutting costs, laying off 150 people, or 10% of its total workforce. D.E. Shaw manages less than half of the $40 billion it ran at its peak in 2008.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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