Bermuda-based investment management company Nexus Capital has cut staffing by about half as part of a restructuring, their lawyer confirmed yesterday.

Questions to a senior employee of the company that once exclusively managed a chunk of George Soros' fortune, were referred to Christian Luthi, the Conyers Dill & Pearman lawyer that represents it.

Mr. Luthi told The Royal Gazette: "The company (Nexus) has let some people go by way of redundancy. It continues to operate in Bermuda; it is not going anywhere. It was a staff restructuring."

Nexus paid for employees to work with third party career specialists to find new employment, Mr. Luthi said.

The reasons behind the staff reduction were not divulged but Mr. Luthi did allow that staff levels had been reduced by seven from a total of 14 or 15 people in May, including senior management.

Nexus chief executive Darren Davy remains with the company.

The company declined to speak to its relationship with Mr. Soros, citing client confidentiality obligations.

A 2003 Dow Jones news report questioned how long the Nexus-Soros ties would continue after reporting that the latter was said to be disillusioned with lacklustre returns from Nexus in 2002.

At the time, people familiar with the situation said Nexus was managing about $7 billion from the Soros Quantum Group of Funds.

Mr. Soros is one of the world's wealthiest men after making a fortune as a hedge fund manager, largely through currency speculation. He is equally well-known for his philanthropic giving.

He and other investors recently backed a Swiss-based reinsurance venture, Glacier Re.