Veni, Vidi, Regressi: SPQR To Cut Staff, Delay Fund Launch

Apr 4 2008 | 10:59am ET

London-based SPQR Capital is postponing its planned conquest of the credit hedge fund space, and is drastically scaling back its legions in response to market volatility.

The firm, which announced plans for a fixed-income hedge fund last year, and even raised almost US$400 million for it, is delaying its launch indefinitely, Bloomberg News reports. The retrenching firm indicated it may choose to permanently shelve the fund, originally set for launch in the second half of last year. Its initial delay came amid the subprime mortgage market collapse and ensuing credit crisis.

“We expect these volatile markets to persist through much of 2008 and as a result, we envisage reducing our cost base in order to adapt to market conditions,” SQPR said in an e-mailed statement. “Recent months have seen increasingly challenging credit markets and high levels of volatility.”

The firm, which had also planned to open an investment bank, will slash as many as half of its staff to cut costs, reducing its workforce from 20 to 10 or 12.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration.