Hedge fund closes with loss of ten jobs
After more than 40 years in Bermuda, hedge fund management company, Jupiter, is closings its doors this month letting go all ten employees.
According to Citywire UK, Jupiter suffered a net outflow of £225 million in the final three months of 2011 as it took the decision to close its Bermuda-based hedge operation. The outflow reduced their overall net inflow for 2011 to £746 million. The closure will result in a charge of around £1 million in its 2011 numbers.
“We took the decision to close our Bermuda office during 2012,” said Edward Bonham Carter, CEO of Jupiter. “Bermuda has played a significant role in our business for many years but, with the reduced scale of our hedge funds, the local work required is insufficient to justify maintaining an office on the island.”
Jupiter Asset Management (Bermuda) Limited was established in 1969 and became a part of the Jupiter Group in 1991.
The decline in inflows was no surprise to Jupiter.
“As we had announced previously, volatile market conditions and reduced investor confidence have led to a considerable worsening of the retail net flow environment during the second half of 2011 in both Europe and the UK, and particularly for equity products,” said Mr Bonham Carter.