Monday, 23rd November 2009

 

2 January 2009 - Press Briefing

GLG halts dividends as hedge fund industry totters

GLG Partners has suspended dividend payments and given no date for resuming them, in a move that caps one of the worst years for hedge funds, according to a report in The Times, London.

“We have decided at this time that it is prudent to retain capital rather than continue paying a regular quarterly dividend,” Noam Gottesman, the chairman and co-chief executive of GLG, said.

Hedge funds globally are down more than 23% for the year to December 30, Hedge Fund Research said, as cited in the Times report.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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