Announced Job Cuts Moderate in May

June 4, 2002 (PLANSPONSOR.com) - Planned job cuts announced by American companies fell by 25% over the month of May and 6% over the year, according to data from outplacement firm Challenger, Gray & Christmas.

The figure, which stood at 112,649 in April, fell to 84,978 – the lowest figure in 12 months, and the first time since May last year that job-cut announcement fell below the 100,000 mark, Challenger reports.

Total 2002 job cuts now stand at 640,761, 1.8% lower than the 652,510 job cuts announced through May 2001.

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Broken Telephones

According to Challenger’s latest report, for the third consecutive month, telecommunications firms are still wielding the heaviest job-cutting ax. After making heavy cuts in April, in May the industry announced plans to trim a further 14,687 jobs.

Telecommunications also tops all other industries in terms of year-to-date job cuts.  The sector’s 135,385 job cuts is 73% higher than the second-ranked automotive industry, which announced 78,346 cuts in 2002, Challenger notes.

The financial sector job cuts increased for the third consecutive month in May and year-to-date cuts of 42,691 are 20% ahead of the 35,436 job cuts announced in May last year, Challenger noted.

Toronto Firm Launches Multi-Strategy Fund

March 6, 2002 (PLANSPONSOR.com) - Arrow Hedge Partners, a Toronto investment firm, announced launch of the Arrow Multi-Strategy Fund.

Arrow executives said in a press release that the goal of the new fund is to provide institutional and high net worth investors with a global portfolio of different investment styles, strategies and asset classes that is managed by several managers.

The company said the Arrow Multi-Strategy Fund allocates to eight Arrow Single Manager Funds including:

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  • Arrow Goodwood Fund, a Canadian equity hedge fund advised by Peter Puccetti of Goodwood Inc., Toronto
  • Arrow Capital Advance Fund, a US equity hedge fund advised by Mark Lelekacs of Capital Advance Investment Management LLC, Tampa, Florida
  • Arrow Eagle & Dominion Fund, a US small and mid-cap equity hedge fund advised by Duncan Byatt and Andrew Trower of Eagle & Dominion Asset Management Ltd., London
  • Arrow White Mountain Fund, a European equity hedge fund, advised by Kevin Doyle and Sarah Caygill of Doyle Caygill Capital SA, Geneva, Switzerland 
  • Arrow WF Asia Fund, an Asian equity hedge fund advised by Scobie Ward and Peter Ferry of Ward Ferry Management Ltd., Hong Kong 
  • Arrow Ascendant Capital Fund, a market neutral arbitrage fund advised by David Jarvis and Rick Kung of Ascendant Capital Management Inc., Toronto 
  • Arrow Milford Capital Fund, a high-yield US bond fund advised by Chris Currie of Milford Capital Management Inc. 
  • Arrow Epic Capital Fund, a Canadian equity hedge fund advised by David Fawcett and Tom Schenkel of Epic Capital Management Inc., of Toronto.


 

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