D.E. Shaw & Co Jobs
D.E. Shaw & Co. Cutting 150 Jobs After Asset Losses
D.E. Shaw & Co. is cutting about 10% of its work force, among the largest cutbacks in recent memory among major hedge-fund firms. A pioneer in computer-driven investing, the firm in recent years expanded into other areas, such as real estate and private equity.
Firm-wide assets have fallen to about $21 billion from nearly $40 billion in 2008, according to a person familiar with the matter. Hedge-fund assets are down to $17 billion from about $35 billion.
"The D.E. Shaw group has taken steps to strengthen our business and maximize value for our investors over the long term," a spokesman said.
D.E. Shaw's returns have held up relatively well since the financial crisis. But some investors grew frustrated after the firm, in keeping with pre-existing terms for its funds, in 2008 prevented some clients from withdrawing all of their cash, according to a person familiar with the matter. Source