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

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...