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Some well-known hedge funds shut in 2015 as bets on oil go bust, returns sink

Hedgies are passe. What is fashionable now for fresh graduates is to work at an Internet or social media firm

Published Sun, Dec 20, 2015 · 09:50 PM

New York

LAST decade, Turney Duff lived in a US$9,300-a-month triplex in the New York City neighbourhood of Tribeca. He wore jeans to work and was able to do his job largely free of the red tape that could entangle those who worked in other parts of the financial sector. As a hedge fund guy, he had the sexiest job on Wall Street.

"You were part of the coolest fraternity on campus," said Mr Duff, who no longer works in finance.

In the go-go days before the financial collapse, he and his colleagues made annual salaries in the low seven figures, and they had a shot at bringing in gobs more, perhaps US$1 billion a year, as top managers.

"All of a sudden the word 'billion' became commonplace," said Mr Duff, 46, who chronicled his highs (and lows) in a memoir published two years ago, The Buy Side. That fizzy number is being thrown around a little less these days, as a once-enviable job has seemingly lost some of its cultural cachet. In October, hedge funds suffered their worst monthly loss since the 2008 crisis. Several well-known funds closed the…

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