The Tokyo joint venture between Fortress Investment Group and DKR Capital is laying off an unspecified number of people, Dow Jones reports. However, the office is not shutting down entirely.

The $1.5 trillion worldwide hedge fund industry is reeling from investor redemptions and poor returns. Most hedge funds are on track for their worst year ever.

 

In addition, Och-Ziff Capital Management has given the pink slip to at least 10 people working on credit and distressed investments in Asia, according to reports. One of the casualties is partner Raaj Shah.

“We have made some minor reductions in Asia, and we remain committed to the region,” Och-Ziff said in a statement.

 

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