Highland Capital Cuts Staff By More Than 10%

Oct 24 2008 | 10:32am ET

Highland Capital Management has slashed more than 10% of its workforce, just a week after shuttering a pair of funds.

The $35 billion Dallas hedge fund laid off more than 30 people this week, the Dallas Morning News reports. It is unclear whether the job cuts are related to the fund closures—last week, layoffs, Highland boasted about 290 employees, with 250 based in its Dallas headquarters.

Last week, Highland said it would close its Crusader Fund and Credit Strategies Fund, which held a combined $1.5 billion in assets, liquidating their portfolios over the next three years. The move came after Barclays Capital seized $642 million in loans from Highland and sold them at auction.

Highland said a retail closed-end fund that also goes by the name Highland Credit Strategies continues to operate and was not affected by the hedge fund closures.

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