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Thursday, January 10, 2019|
O'Hanley and Asness Trim Dozens
Ron O'Hanley and Cliff Asness are both significantly trimming their teams this year.
Meanwhile, longtime AQR Capital Management [profile] chief is also reportedly cutting jobs, though without specifically targeting senior management, it seems. Asness will cut "a low single-digit percentage of the workforce" in "firm-wide reductions," Bloomberg reports, citing an unnamed source. As of the end of September, AQR had more than 1,000 employees and $226 billion in AUM, so the cuts could affect dozens. In Asness' own words, AQR has "done lousily" lately when it comes to performance.
"At AQR, we have experienced record headcount growth over the past three years, including 2018," the company said in a statement to Bloomberg. "Recent small reductions in headcount reflect the need to balance our workforce growth with the current needs of our business."
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