Even some of the largest, most well heeled hedge funds are doing less bond business these days. So if you're looking for a job on that side of the business, other than the new distressed funds that may be hiring, pickings may be slim. BreakingViews reports in the WSJ that even Stevie Cohen's $16 billion SAC Capital has gotten rid of many of its bond geeks, with a more narrow focus on fixed income and that may reflect more pervasive hedge fund trends...
.
Some jobless credit bankers might still hope they can cross the street to still-healthy hedge funds. After all, most funds haven't taken losses as significant as those suffered by banks, and some are opening funds targeting distressed opportunities.
But SAC's story isn't good news for most would-be hedgies. While the fund was never a credit specialist, it shows how low levels of credit-related activity, a shortage of profit opportunities and scarce leverage are slowing many hedge funds down, too
SAC's Bad News for Bankers - Giant Hedge Fund Cuts Its Fixed-Income Business - WSJ
Comments