More shrinkage at LTCM founder John Meriwether's latest hedge fund: His JWM Partners November investors' letter disclosed that they had run up losses in its flagship Relative Value Opportunity Portfolio through November 2008 to the tune of nearly 43% and was down to $554.8million in assets. The latest: Four partners are leaving and the remaining staff will be cut from 35 to 25….
The
company, which also runs a global macro fund, said it expects to lose
four of its seven active partners next year, including Lawrence
Hilibrand and John Tsai. They will leave the company after the end of
the year, it said in the letter, which was sent to investors Dec. 17.
The letter said Arjun Krishnamachar is expected to leave by March 31
and Andrew Geisert, who is also the company's chief financial officer,
expects to leave after March 31.
Meriwether Hedge Fund to Cut Staff – Wall Street Journal
Tags: Credit Crunch, hedge fund, Hedge funds, John Meriwether, JWM Partners, Long Term Capital Management, LTCM, Revolving Door
So, the smartest guys in the room can’t make it in this market.