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High-flying hedge fund falls back to earth

International Herald Tribune – Only 10 months ago, Remy Trafelet was so flush that he treated about 100 employees at his hedge fund to a getaway in Venice. He and his crew spent a long, luxurious weekend at the five-star Hotel Bauer, which has Murano glass chandeliers, private gondoliers and a splendid view of a 17th-century basilica.

But now, a bit like Venice, Trafelet’s hedge fund seems to be sinking. His flagship fund has fallen about 26 percent this year, and Trafelet is struggling to hold on to anxious employees, as well as some investors.

Perhaps the most remarkable thing about Trafelet is that he is not so remarkable at all. Thousands of hedge fund managers like him — mostly young, mostly male and virtually all unknown outside financial circles — confront a sober reality: for now, the days of easy money are over.

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