Hedge funds, including some big name multi-strat players, are letting go of surplus staff as the year winds up, according to a report by eFinancial Careers.
The report noted that Citadel cut three portfolio managers in London (Nico Dil, Tim Woodward and Sean Murphy) and one in New York (Michael Sheer) and that there had been various exits at Millennium too.
Banks like Goldman Sachs have a habit of pruning underperformers before the end of the year and it seems that big hedge funds have adopted a similar strategy. This may be more the case with Citadel than Millennium, however: one hedge fund headhunter said Millennium culls underperformers on an ongoing basis., the report added.
