Hedge fund firm Comac Capital has fired a third of its employees following nearly two years of investment losses.
The Wall Street Journal reported that London-based Comac laid off 18 employees last month as part of the firm’s “strategic decision” to bring its investment team back to the size that had previously been successful.
Comac’s 9% loss last year and nearly 5% this year prompted investors to redeem a significant amount of money from the firm. The firm now manages just $2.2 billion, down from its approximate $4.8 billion in September 2012.
Founded in 2005, Comac bets on economic and policy decisions around the world through instruments such as debt securities and currencies.