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London hedge funds shed nearly 100 rates traders amid European bond losses
London-based hedge funds have shed close to 100 European government bond traders and portfolio managers following significant losses on leveraged fixed income strategies, according to a report by eFinancialCareers. The departures follow years of aggressive hiring by multi-strategy hedge funds seeking to capitalise on European sovereign debt markets. Industry sources estimate that the number of traders leaving funds has risen from around 75 to nearly 100 in recent weeks. The losses have been concentrated in leveraged carry trades involving French government bonds, known as OATs. Hedge funds hav