Fund of hedge funds firm Signet Capital Management has moved out of its pricey office in London’s West End neighborhood in an effort to cut costs following a sharp decline in its assets.
The Wall Street Journal reported that Signet's move to a smaller office nearby will save the firm’s rental costs by 75%. Signet, which managed about $4 billion in 2008, saw assets dropped to about $400 million drop due to client redemptions while its employees fell to 14 from 50 over the same period.
The fund of hedge funds industry posted lackluster performance in the last few years, as an increasing number of investors switched to direct hedge fund investments.
Signet, headquartered in London and Switzerland, was acquired by North Carolina-based Morgan Creek Capital Management last year.