Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?
Saturday, 21 January 2017
Last updated 7 hours ago
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.