Job losses, frustration and stress.
Bloomberg News reports that Turiya Advisors Asia Ltd., the Hong Kong-based hedge fund firm led by former Goldman Sachs trader Davide Erro, is the latest to be hit by industry woes, cutting jobs after losing investors’ money.
Turiya let go of six staff, including two people on its investment team, earlier this month, according to a person familiar with the matter. The firm, which had about 20 staff, is down 20% this year, the person said, asking not to be identified because the information is private.
In the meantime, Bloomberg also reports that Philippe Jabre is returning money to investors after an “especially challenging” year, adding to the swelling list of hedge-fund veterans giving up on an industry where money-making opportunities have dwindled.
Geneva-based Jabre Capital Partners SA is returning client money in the three funds personally managed by Jabre, said Mark Cecil, one of the firm’s founding partners. The remaining two funds, one focused on emerging markets and the other on European credit, will keep operating with outside money, he said.
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