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DE Shaw to cut workforce by 10 per cent
  Hedgeweb - WED, SEP 29 2010
Funds & Investment DE Shaw, one of the world??s biggest hedge fund managers, is to cut up to 10 per cent of its workforce.

Significant job cuts have been announced in New York and London, according to people familiar with the firm, with further redundancies expected across the firm??s global operation in the coming weeks.

The cuts at DE Shaw, some of the deepest in the firm??s history, follow a strategic review undertaken by management as a result of large investor outflows this year.

DE Shaw has suffered an estimated $7bn in redemptions over the past few months, according to investors.

As of September 1, the firm managed about $21bn across its range of funds.

The firm was one of several big-name managers that ??gated? investors during the financial crisis where client withdrawals from funds were automatically restricted in an effort to preserve portfolio values and avoid asset firesales.

As the gates were progressively lifted this year, the firm saw large amounts of money being withdrawn all at once.

In total, the firm currently employs around 1,500 people globally, making it the second- largest hedge fund by the number employees in the world, after the UK??s Man Group.

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