Monday, 23rd November 2009

 

5 November 2009 - Press Briefing

New Castle seeks to reassure edgy clients with restructuring plan

New Castle Funds, the alternatives fund manager hit by accusations in the Galleon Group insider-trading affair, has tried to reassure edgy clients by offering to slash fees and restructure its hedge funds, an investor letter dated Monday showed, according to a report in The Wall Street Journal.

New Castle executives Robert Reitzes and Scott Merves stressed in the letter that their customers’ assets are "totally safe" with Goldman Sachs and JPMorgan, who serve as New Castle prime brokers. The firm also proposed to create a new management company by January, with investors keen on redeeming their money free to do so.

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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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