SIX workers at Financial Risk Management are set to lose their jobs, the company has confirmed.
Those who do not find new work immediately will join an increasing number of unemployed in the island as the global economic crisis unfolds.
More than 400 people were out of work at the last count.
FRM, which has seven offices worldwide, will make the redundancies during the next six months.
John Renouf (pictured), director at FRM Investment Management Ltd, said: ‘As the hedge fund industry is likely to be smaller in the near term, FRM has made some positions redundant or at risk of redundancy.
‘In Guernsey, we anticipate that six people may be affected and they would be leaving over the next six months.
‘FRM remains profitable and financially very strong and these actions give us assurance that we will remain so, even through a difficult period for the industry.
‘Guernsey remains an important office for us.’
Article posted on 4th March, 2009 - 2.29pm
One Article Comment
Predictions are that up to 90% of “hedge funds” and their managers will go under. Which is no bad thing as most of that 90% didn’t have a rigorous strategy but rather were guys leveraging up and punting in a bull market. Pity the poor investor whose been taken for a ride by these charlatans. As Warren Buffett said, most hedge fund operations are remuneration plans for their managers dressed up as investment plans.
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