Paloma Partners Management has cut just over half of its roughly 32 trading groups as it undertakes a broad restructuring aimed at boosting sluggish performance. Most of those trading groups have already left the Greenwich, Conn.-based firm.
The magnitude of the cutback is significant, marking a major change in Paloma's wide-ranging investment management structure. The move comes at a time when the firm, which managed $2.2 billion as of July 1, has been hit with significant redemption requests to be met at year-end.
Paloma was founded by Donald Sussman 25 years ago, and is considered one of the marquee