Tuesday, 27 January 2015
Last updated 16 min ago
Dec 16 2008 | 3:50am ET
KBC, the Belgian financial services firm, is scaling back its hedge fund activities, it said yesterday.
The firm plans to discontinue some of its “hedge fund-related activities,” including closing its KBC Alternative Investment Management service. The moves are part of a larger strategic review at KBC, which is seeking to cut costs and has already imposed a hiring freeze in its home country for next year. The firm last month received a US$4.7 billion capital infusion from the Belgian government.
KBC said the hedge fund cutbacks would lead to layoffs where no suitable internal transfers are available. KBC Alternative Investment Management employs 28 people in New York, London and Hong Kong. The group focuses on relative value and market-neutral strategies.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…