A whole bunch of mini Moynihans are said to have left the building. Read more »
The Securities and Exchange Commission has launched a probe into the messy departure of Vikram Pandit as chief executive of Citigroup and whether the board of directors of the big bank properly disclosed his ouster, the FOX Business Network has learned. One person familiar with the matter says the SEC’s inquiry is informal and has not reached the level of a full-blown investigation. But it is a sign the SEC is clearly interested in the circumstances surrounding Pandit’s official “resignation” from the big bank. Those details have been in dispute since the October 16 announcement. Both Pandit and Citigroup chairman Michael O’Neill have said in interviews and during conference calls with analysts that the decision was Pandit’s to leave the firm. [FBN, earlier]
Let’s not jump to any conclusions just yet here. Read more »
Bloomberg reports that Dipak Patel, who ran a five-man tech team at SAC’s Sigma Capital unit, “is winding down his portfolio and is transitioning out of the firm.” Let us not suggest this has anything to do with anything. He might just be looking for a little “me” time.
Staff Departures At Millennium Have Nothing To Do With Shrinking Assets, Were In Fact Employees Who Were Thrown Out On Their Asses, Says MilleniumBy Bess Levin
Since 2008, Millennium Management’s assets have fallen from $13 billion to $7 billion. Given the shrinkage, one might attribute the departures of a whole bunch of portfolio managers to a cost-cutting initiative on the fund’s part. Such is not the case says people “familiar with” the firm’s thinking. Everything is just peachy over there, none of this has anything to do with a shrinking asset base, and if you must know, despite the fact that several of the former employees’ exits appear to be voluntary in nature (Matthew Karchmer, for instance, “left last month for a job as a portfolio manager at D.E. Shaw”), Millennium will have you know the so-called cuts were apparently founder Izzy Englander taking a hard line with some bum staffers.
The decision to cut a portfolio manager is based only upon his or her performance, said a person familiar with Englander’s thinking. “If you’re not performing, you’re gone,” he said. “You perform, you stay.”
As we mentioned last week, in the wake of the GLG buy, things are not looking so good inside Man Group. Redemptions are “mounting,” bonus outlook is bad to very bad and employees are making a dash for the exits. Today Financial News confirms the departures of 8 of the 15 front office employees who’ve taken off. Read more »