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According to the Journal, 'to stem the losses, the bank decided last week to abandon certain credit-trading strategies within the group and reassign some members of the team to other parts of the bank's credit business'. It remains unclear how many people have been affected by the move.
But $135m is small change to Deutsche. 'To drop 135m, in the context of Deutsche Bank, is neither here nor there,' Bloomberg quotes MF Global Securities analyst Simon Maughan. `We should congratulate them for keeping it to just that'.
MarketWatch reports that UK hedge fund Solent Capital is to wind down one of its funds, the Mainsail II fund, due to a downturn in the value of the asset-back securities it holds. The $1.5bn fund was launched last year.
Financial News reports that, according to invesors, Atticus Capital, the U.S. hedge fund manager known for helping unseat Deutsche Boerse's management a couple of years back, has reported a loss of more than 8% for the first 10 days of August. The firm has reported a net loss of 8.25% on the $9.1bn Atticus European fund from Aug. 1 through to Aug. 10.
Finally, Reuters reports that The Renaissance Institutional Equities Fund, which at one stage was 8.7% down in August, has recovered a lot of ground - it's now only 1.35 down for the month.
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