Hedge Funds May Cut 20,000 Jobs as Losses Erode Fees
Started by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008
Discussion about
March 10 (Bloomberg) -- Hedge funds may cut 20,000 workers worldwide this year, a record 14 percent of the industry’s jobs, as investment losses and client withdrawals erode fees. The dismissals will come on top of the 10,000 jobs that disappeared last year at the investment partnerships, according to estimates by New York-based Options Group, an executive-search firm. Employment peaked at... [more]
March 10 (Bloomberg) -- Hedge funds may cut 20,000 workers worldwide this year, a record 14 percent of the industry’s jobs, as investment losses and client withdrawals erode fees.
The dismissals will come on top of the 10,000 jobs that disappeared last year at the investment partnerships, according to estimates by New York-based Options Group, an executive-search firm. Employment peaked at 155,000 in 2007, and has since dropped to about 145,000, the firm said.
“Hiring activity is much reduced and it’s going to get worse,” said Hank Higdon, managing partner at Higdon Partners LLC, a New York-based search firm focused on financial services. “I don’t see markets improving at all.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=amxZtSQ2NC6c&refer=home
So much for hedge funds absorbing the shrinking jobs at banks.
Of course none of this will affect Manhattan real estate, which only ever goes up. Buy now, or be priced out forever!
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Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
This should surprise few, since if you google the term "hedge fund bubble" you will find losts of articles going back 4-5 years saying that the hedge boom was too good to be true.
Ignored comment.
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Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
The more important call (posted here) was that hedge fund assets have already been cut in half, and are continuing to sink.
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Response by nyc10022
almost 17 years ago
Posts: 9868
Member since: Aug 2008
actually, this is a dup thread... this got posted 7 hours before steve..
This should surprise few, since if you google the term "hedge fund bubble" you will find losts of articles going back 4-5 years saying that the hedge boom was too good to be true.
The more important call (posted here) was that hedge fund assets have already been cut in half, and are continuing to sink.
actually, this is a dup thread... this got posted 7 hours before steve..
http://www.streeteasy.com/nyc/talk/discussion/9143-job-losses-in-nyc
That's what happens when you post something at 4 am. I checked, didn't see it.
Vanity fair has a good artilce this month on the too many haedge funds.
Jason, nothing in the National Enquirer though.
When the National Enquirer has Nobel- and Pulitzer prize winners writing for it monthly, I will laugh at your "joke."