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Asness’s AQR to Cut Up to 10% of Jobs After Assets Decline (2)

Jan. 8, 2020, 10:07 PM

Billionaire Cliff Asness’ quantitative firm, AQR Capital Management, is dismissing between 5% and 10% of its global workforce after its funds underperformed and lost assets last year.

It’s the second straight year that AQR, which has about 900 employees, is cutting staff. Affected employees are being told Wednesday, according to a person with knowledge of the firm.

“This continues to be a challenging time for the asset management industry,” Suzanne Escousse, AQR’s chief marketing officer, said in an email Wednesday. “After conducting our annual review, we made the difficult decision to reduce headcount to balance the size ...