Profits plummeted at hedge fund AQR in London, pay did not

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Profits plummeted at hedge fund AQR in London, pay did not

Quant fund AQR Capital Management (Europe) LLP has release results for its U.K.-based operation for 2020. They're not entirely pretty. 

AQR Capital Management (Europe) ('AQR') cut staff last year in response to plummeting profits. However, the staff that remained were paid, on average, similarly to the year before.

Profits at AQR's London office fell from £8.1m in 2019 to £4.1m in 2020. In response, the fund cut headcount from 48 to 42 people. 

However, average compensation per head remained steady at £209k in 2019 and £204k in 2020. 

AQR has been criticized in the past for hiring large numbers of juniors and paying less than other major hedge funds. - Citadel, for example, paid its 281 European employees an average of $1.1m each in 2019.

On Friday, the Financial Times reported that assets at the computer driven AQR Managed Futures Strategy fund have fallen by more than $10bn in four years, from about $12bn in late 2017 to $1.5bn currently.

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