Funds of Hedge Funds People Moves

Ivy reorganises management structure

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Ivy Asset Management is shaking up its management team replacing chief investment officer Peter Noris and co-president Michael Singer, as assets under management are nearly halved in recent months falling to $7.2 billion due to performance and investor redemptions.

"While we believe the future holds great opportunities for investment returns, in the near term, our focus will continue to be capital preservation," wrote Sean Simon in a letter to investors adding that the Ivy's final results fell short of expectations. Investors were told that the firm has been forced to scale its costs and reduce its professional staff.

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