Monday, 23 January 2017
Last updated 2 days ago
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.