Meriwether Fund, JWM Partners, to Lose Partners and Cut Staff
Connecticut based JWM Partners, a hedge fund run by former Long Term Capital Management founder John Meriwether, noted in its November letter to investors that it will lose four partners and cut staff at the hedge fund overall. The firm's largest fund, Relative Value Opportunity Portfolio, lost more than 40% in 2008 and has seen its assets under management shrink to about $550 million.
Among those leaving are Arjun Krishnamacharand JWM's CFO, Andrew Geisert. The firms is expected to cut total staff from 35 to 25.
JWM is just the latest in a long line of funds that have seen assets shrink and been forced to layoff staff including traders, back office support, and even the departure of senior partners.
Read the full article: