Hedge funds are not banks. While banks typically employ diversity officers who try to remediate the discrepancies between the number of men and women they employ, and while banks may also yet be compelled to actually publish the percentage of women working on their trading floors, hedge funds have none of these issues.
This may be why hedge funds typically employ even fewer females than banks do. Last time we looked (August 2012), Brevan Howard had 44 partners. Three were female. Now, one of those women appears to have horribly under-performed rival funds.
Reuters reported yesterday that Brevan's Emerging Market Strategies Fund, run by Geraldine Sundstrom - one of its female partners, was down 11.6% to June 14th, including a 4.8% drop this month alone. Reuters points to figures from Hedge Fund Research suggesting emerging markets funds were up an average of 2.8% in the year to June 17th.
The under-performance of Sundstrom's fund is particularly worrisome in the light of Brevan Howard's reputation for removing poor performers. Last week, it was said to get rid of macro trader Luke Ding after his macro fund didn't do so well. Ding was at least male. If Sundstrom leaves, Brevan's female partners may be in danger of extinction. Now could be a good time for female traders to send Brevan Howard their CVs.
The UK’s Financial Conduct Authority has begun to vet senior appointments at US hedge funds in London. (Financial Times)
Tom Hayes appears in court, looking pasty and with big bags beneath his eyes. (Guardian)
Hayes is said to have conspired with Deutsche Bank, HSBC, J.P. Morgan, RBS, Rabobank, ICAP, Tullett, and former colleagues at UBS and Citi. (Wall Street Journal)
Jefferies wrongfully fired its Asian head of equities trading after he sent a newsletter containing a Hitler parody video. (Bloomberg)
Commerzbank looks likely to cut more jobs in London. (Financial Times)
Private equity billionaire Leon Black has bought himself a $48m Raphael drawing. (WSJ)
Five unusual jobs that pay surprisingly well. (Recessionista)
If you work in HR, you now need excellent data analysis and quant skills, says important HR person at Goldman Sachs. (Business Insider)