The move of Stuart Hendel from Eton Park Capital Management to Morgan Stanley is the latest in a string of departures that indicate hedge funds may not seem like such golden places to work anymore.
The New York Times reports that in 2007 Hendel will leave his job as operating chief at $5.5 billion Eton Park to run Morgan Stanley's prime brokerage. Meanwhile, The Wall Street Journal says Eton Park has lost four other leading staffers recently, including trading and derivatives head Scott Prince and Chief Risk Officer Chris Perez. Many investment banks have targeted serving hedge funds as an area of new business.
Some observers have suggested the funds themselves have reined in hiring ahead of an anticipated round of consolidation this fall.