A prominent quant and hedge-fundster-turned-mutual-fundster and his team are preparing another round of cuts.
| Clifford Scott Asness|
AQR Capital Management
Managing and Founding Principal
is laying off between five and ten percent of AQR's
] staff, according to company estimates cited by Bloomberg
, the New York Post
, and Pensions & Investments
. AQR has about 900 people on staff, pre-cuts, so the layoffs amount to between 45 and 90 people.
Yet rumor has it that the cuts may go even deeper.
"We're hearing 15-20 percent of headcount getting chopped," an unnamed AQR source tells the Post
"This continues to be a challenging time for the asset management industry," Suzanne Escousse
, chief marketing officer of AQR, tells Bloomberg
. "After conducting our annual review, we made the difficult decision to reduce headcount to balance the size of our workforce with the current needs of our clients."
The Greenwich, Connecticut-based liquid alts shop has had a rough couple of years
, suffering billions in outflows
. They made another round
of layoffs a year ago, when the firm had more than 1,000 employees and $226 billion in AUM. Now they have about 900 employees and $186 billion in AUM.
Neil Anderson, Managing Editor
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