D.E. Shaw & Co Jobs
D.E. Shaw & Co. Cutting 150 Jobs After Asset Losses
D.E. Shaw & Co. lost more than half of its hedge fund assets since the financial crisis. In response to the loss of assets, the hedge fund firm has decided to cut 150 jobs. It is important because D.E. Shaw is one of the largest hedge funds and it has reduce 10% of its staff.
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
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