Hedge Fund Endeavour Closes Flagship, Cuts Jobs

Feb 18 2009 | 1:07am ET

London-based hedge fund Endeavour is liquidating its flagship hedge fund and drastically reducing staff after a rescue plan fell through.

The firm, which manages US$3 billion, is in the final stages of closing its flagship, the Financial Times reports. Endeavour had reached a bailout deal with Barclays Global Investors, but it was not completed. Under the agreement, BGI would have marketed the fund to new investors in exchange for access to the fund’s trading formula.

The Endeavour fund lost more than 40% last year.

With the demise of its flagship—and the decision to return outside money from its second fund, Pembroke—Endeavour has cut almost three-quarters of its staff, with more layoffs likely to come. The firm now employs just 16 people, down from 60, with 10 more jobs likely heading for the chopping block. The survival of that team of relative-value traders depends on negotiations with one of the firm’s investors.

Endeavour is also closing its London office and moving its rump business to Oxfordshire. Pembroke, which will continue to manage proprietary capital, employs a quantitative managed futures strategy, and needs only six staffers.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR