U.K.-based hedge fund SemperMacro is reducing staff and cutting fees as investors have withdrawn cash from the fund in reaction to an almost 16% loss last year, the Wall Street Journal reported.
Global macro funds bet on economic trends through currencies and other instruments. SemperMacro was set up by Christian Siva-Jothy, a former trader at Goldman Sachs, and Gavyn Davies, a former chairman at the British Broadcasting Corp.
SemperMacro lost 15.7% last year, the Journal said. The fund fell to $500 million from a peak of about $1.5 billion as investors pulled money from the fund after an 18-month lockup ended in December.