While Citadel and JP Morgan may have benefited greatly from their cannibalization of that "multi-strategy" hedge fund up in Greenwich, some others aren’t fairing so well. Ivy Asset Management, having lost a report $1 billion in redemptions as a result of its Amaranth investments, will not be giving out any bonuses this year.
The absconded cash, pony rides and gumball machines, in conjunction with an exec-level shake-up (former CIO Adam Geiger left in December, replaced by Peter Noris, of Northstar Financial Services) and a difficulties raising assets have purportedly encouraged some employees to look for jobs at other funds, a source told HFMWeek. We hear Tom Hudson is currently looking for some new deck-swabbers and plant-waterers.
Ivy employees lose out on bonuses [HFMWeek reg required]
Posted by Finbar Taggit, Feb 07, 2007 12:42PM
I recently commented on my blog that the number of Ivyites smoking outside my office had gone up.
Now I know why.