Hedge fund firm Merchant Commodity Fund has cut about a third of its staff following a tumultuous period.
Michael Coleman, the chief operating officer of Singapore-based Merchant, told Bloomberg that the firm fired a total of five traders and analysts in its Singapore and London offices last month after two consecutive years of losses. Merchant saw a 7.6% decline last year after a 29.9 percent slump in 2011.
Coleman also told Bloomberg that the current staff count is 10, down from its peak at 16 in early 2010.
Merchant’s AuM fell to $170 million in January after investors’ redemptions. The firm had managed about $1.56 billion at the end of 2010.