Billionaire Michael Hintze is cutting staff at his hedge fund

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Australian billionaire Michael Hintze has reportedly cut about 50 jobs from his London-based hedge fund CQS.

Hedge funds, hit by falling returns, have been cost cutting as investors withdraw cash.

Hintze’s CQS, according to a report by Reuters, has cut staff by 18.5% since it reported a tough 2015.

“The industry needs to adapt and we, as a business, are also doing so,” Sir Michael told Reuters.

The former Australian Army officer founded the fund in 1999. According to Forbes, he is worth $US1.84 Billion ($A2.4 million).

“Michael Hintze’s London-based CQS hedge fund saw its assets under management shrink by over a billion dollars in 2015, as his flagship Directional Opportunities fund returned about -2.6% net of fees for the year,” Forbes says.

Globally hedge fund investors withdrew $US28 billion ($A37 billion) in the third quarter, the most since the global financial crisis, according to Hedge Fund Research.

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