West Palm Beach (HedgeCo.net) – Coinciding with the launch of new services aimed at increasing hedge fund transparency, independent alternative fund manager Butterfield Fulcrum appointed T. Andrew Smith as the firm’s global head of business development and marketing. He will be based in the company’s New York office, and will oversee Butterfield Fulcrum’s teams in Europe, Asia and North America.

With nearly 20 years of experience in institutional sales, business development, securities and global fund services, Smith’s appointment comes as investors demand operational transparencies from hedge funds.

Smith most recently served as a managing director and head of North America in global transaction services at Citi overseeing a $1.0 billion securities and fund services region. Before that he served as senior vice president of plan sponsor services at The Bank of New York and spent ten years at the State Street Corporation.

Alex Akesson

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Daily Telegraph – Highbridge Capital Management, which is majority owned by JP Morgan Chase and has $25bn under management, is axing 10 per cent of its New York-based staff and plans cuts in Europe and Asia.

The volatility in global stock markets has savaged the performance of some of the world’s best-known hedge funds, raising fears of a collapse in the sector, which could cause a fresh crisis in the financial system.

Big names including Deephaven, Marshall Wace, Citadel Investment Corp, Lansdowne Partners, Third Point and Harbinger, have in recent weeks sustained losses of as much as 20 per cent in some funds.

Investors pulled at least $43bn (£25bn) from US hedge funds in September, according to TrimTabs Investment Research. This is nearly five per cent of the global sector’s estimated $2 trillion in total assets.

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