CNBC reports that the UK-based hedge fund SemperMacro, will be reducing their staff and cutting their fees due to cash being withdrawn from the fund by investors. The fund lost 16 percent in 2006 which is thought to be the catalyst for the withdrawals.
SemperMacro was set up by Christian Siva-Jothy, a former trader at Goldman Sachs, and Gavyn Davies, a former chairman at the British Broadcasting Corp.
The fund was formally worth USD1.5 billion, but fell to USD500 million as after investors pulled out of the fund.