Want to employ a failed hedge fund manager? Now's your chance.
Amaranth Advisors, the US hedge fund which lost $6bn on a bad bet on the natural gas market, is relinquishing 60% of its staff according to Financial News. It's understood to employ around 26 people in London.
How easy will it be for them to find new jobs? That all depends upon what they were doing, say recruiters.
Lee Bevan, a hedge fund specialist at Mirage Recruitment, tells us he's had several approaches from Amaranth staff and that middle office people and juniors are most marketable. "There aren't that many senior roles and trader roles coming through at the moment," he tells us, and adds, "Senior Amaranth traders will find it difficult, even though the loss wasn't their fault."
Another hedge fund recruiter tells us he's working to find several Amaranth people new jobs, and it's not as hard as all that. "There's been no bad market reaction to the general staff," he tells us. "Until very recently they were getting 30% returns, which was superb, so they're very well regarded. It's just unfortunate that this happened."
Unsurprisingly, recruiters say rival funds are unlikely to open their doors to senior risk and operations staff from Amaranth. "You wouldn't want to be the risk director looking for a new position," reflects one.