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Merchant Commodity Fund Cuts Jobs After Second Annual Loss

Bloomberg – The Merchant Commodity Fund, managed by Doug King and Michael Coleman, cut a third of its staff after two consecutive years of losses during which assets under management slumped almost 90 percent.

The hedge fund cut five jobs last month, including traders and analysts in Singapore and London, Chief Operating Officer Coleman said in an interview. Assets fell to $170 million in January after investors withdrew money, according to Coleman, who’s also chief risk officer. Merchant, set up with $10 million in June 2004, had managed $1.56 billion at the end of 2010.

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