Meriwether Hedge Fund Losing Partners, Cutting Jobs

Dec 23 2008 | 2:27am ET

The second time might not be the charm for John Meriwether. The Long-Term Capital Management founder’s JWM Partners is losing more than half its partners and will slash staff following a year of big losses.

The Greenwich, Conn.-based hedge fund told investors that four of its seven partners are to leave next year, The Wall Street Journal reports. In addition, the firm plans to cut 10 of its 35 jobs early in the new year.

Partners Lawrence Hilibrand and John Tsai will leave sometime after New Year’s Day, according to the Dec. 17 letter. Founding partner Arjun Krishnamacher is expected to depart by March 31 while CFO Andrew Geisert will leave sometime after March 31.

JWM’s flagship Relative Value Opportunity Portfolio lost 42.78% through November, leaving it with $554.8 million in assets. The firm limits withdrawals to one-eight of total assets at each quarterly redemption date.

Meriwether founded JWM in 1999, shortly after the collapse of LTCM.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

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

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of