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Contributed by mm | October 6, 2006 7:00 PM PST
In the latest development of the Amaranth soap opera, half of the hedge fund's staff is laid off.
From Washington Post:
Stricken hedge fund group Amaranth Advisors LLC said it is laying off about half its staff to cut operating expenses as it liquidates its portfolio in the wake of the worst hedge fund loss ever.
Charlie Winkler, Amaranth chief operating officer, said in a statement late Thursday the Greenwich, Connecticut-based firm is starting an "initial reduction" of about 200 to 250 staff out of more than 400. But the firm made it clear that most staff would go, although it didn't give a time-frame.
Amaranth sent letters to more than 50 top hedge funds and other financial institutions this week to solicit jobs for its staff, where it has found more than 200 open positions.
"We expect that our employees will soon find new and satisfying positions," said Winkler in the note.
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Philippe Jabre To Open New Hedge Fund In Switzerland (October 10, 2006)
The prominent hedge fund manager Philippe Jabre is creating a new life in Geneva after fined by the British authorities. For hedge fund investors, it might be too much to take a leap of faith and bet on one individual for consistent returns, though.
The Real Reason Amaranth Failed (October 6, 2006)
The Slate article hit the right point: it is the compensation system for hedge fund operators that drives reckless behaviors in hedge fund managers and causes the catastrophic failures like Amaranth.
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