JWM Cuts Staff In Wake Of Losses

Apr 29 2008 | 3:41pm ET

JWM Partners is shrinking in more ways than one.

The Greenwich, Conn.-based hedge fund shop established by Long-Term Capital Management founder John Meriwether has cut about 16 jobs—more than one-fifth of its total workforce—in the wake of big investment losses in the first quarter, Reuters reports. The layoffs come from across the firm’s departments, from support staff to portfolio management. In addition, two of its London-based principals have announced their retirement.

The firm’s $380 million Global Macro Fund is likely to have less than $150 million in assets after some of its nearly 30 investors take advantage of early withdrawal. Contrary to earlier reports, the early redemption period is not the result of Meriwether’s magnanimity, but comes only after an escape clause was triggered.

Under the long-standing right, investors are allowed to pull their money out if a fund drops more than 20% below its six-month high-water mark. The fund is down 14% this year; JWM’s other hedge fund, the $1.2 billion Relative Value Opportunity Fund, is down 31% through the first three months.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.