D.E. Shaw, Deepwater Wind backer, cuts work force, assets decline
"Investors have long memories," said Brad Alford, who runs Alpha Capital Management LLC in Atlanta, which selects hedge funds for clients. "D.E. Shaw was one of the poster children for treating investors poorly in 2008."
September 29, 2010
by Katherine Burton and Saijel Kishan
in Bloomberg News
NEW YORK - D.E. Shaw & Co., a hedge-fund firm backing Deepwater Wind's offshore wind farm project in Rhode Island, has fired about 150 employees, two people familiar with the cuts said on Tuesday to Bloomberg News.
The dismissals represent about 10 percent of the work force, according to the people, who asked not to be identified because the information hasn't been made public.
Assets at the firm, started by David Shaw 22 years ago, have fallen 46 percent to $21 billion from the 2008 peak, primarily through client redemptions.
The firm lost investors after limiting withdrawals in 2008.
Investors have fled fund... [continue via Web link]