Report: Hedge Funds To Cut 20,000 Jobs

Mar 10 2009 | 11:35am ET

The global hedge fund industry’s workforce could shrink by as many as 20,000 heads this year, as firms struggle to cope with fewer assets and lower fees.

The job cuts, amounting to 14% of those currently employed in the hedge fund industry, would be a record, according to executive search firm Options Group, and twice as many as were lost last year, when hedge funds cut 10,000 positions.

According to Options Group, hedge funds currently employ 145,000 people around the world. According to Hedge Fund Research, 920 hedge funds closed their doors last year, when a whopping 70% of hedge funds lost money. That has led to a round of belt-tightening, as hedge fund firms learn to live without the performance fees they cannot begin to collect again until recouping last year’s losses.

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