Paloma Partners is cutting nearly a dozen personnel, including its strategy and marketing execs, according to people familiar with the matter.
The staff reductions follow a broad revamp of the multistrategy hedge fund, founded decades ago by Donald Sussman, which included a leadership overhaul, a technology and operations rebuild, and outsourcing processes to streamline the firm. Paloma, whose assets have declined in recent years amid redemption requests, completed the project in the first quarter this year, a source close to the firm said.
The firm now manages about $1.1 billion, according to a March filing with the Securities and Exchange Commission.
“After doubling our manager roster and completing a full overhaul of our investment infrastructure over the past year, streamlining the organization is the natural next step toward a leaner, more efficient platform for our investors,” a company spokesperson said in a statement to Business Insider. They declined to comment on individual personnel or performance.
Among the departing employees are chief strategy officer Kristin Cohen, chief marketing officer Louis Molinari, and deputy chief compliance officer Anjali Kamat, the people said.
Cohen previously worked in business development at Walleye Capital and joined as head of business development in 2024, a role involving sourcing, vetting, and recruiting investment talent. She transitioned to the top strategy role later that year and helped lead the firm’s transformation.
Molinari, a longtime Barclays exec focused on hedge fund consulting and capital raising, and Cohen’s father, joined a year later.
Kamat, a former Securities and Exchange Commission compliance professional, joined from PwC in 2019.
Paloma has 110 employees, including 22 investment teams, according to a person familiar with the firm.
The firm was down 2.9% through March in 2026, according to an HSBC investor report, but had clawed back to 0.1% in positive territory through mid-April, a person close to the firm said. It gained 8% in 2025, the report said.
Reboot: Take two
Paloma is one of the oldest names in hedge funds, founded 45 years ago by Sussman and known for some prescient bets on investment firms including D.E. Shaw, Squarepoint Capital, LMR Partners, and Sona Asset Management.
It’s had its share of misses as well, including the backing of Jonathan Graham’s Aquatic Capital, a 2019 quant launch that has struggled to produce returns, and which Paloma is in the process of redeeming its capital from.
After a failed reboot in 2023 with Neil Chriss at the helm, Paloma overhauled the C-suite again in 2024, bringing in CEO Ravi Singh, an alum of Credit Suisse’s asset management division and Goldman Sachs. Singh was joined by ex-WorldQuant chief operating officer Mike DeAddio at the end of 2024.
The pair has retooled its investment team, which includes both internal and external money managers, pruning some teams and adding 11 new managers in 2025. The firm has been looking to drum up more investor capital, Business Insider previously reported.
Paloma targets established investors with growth potential and takes a more PM-friendly approach than larger multistrategy firms, offering greater flexibility and greater ownership of intellectual property.
Additions to the Paloma stable over the past year include nVerses Capital, a systematic fund from ex-Jump Trading quant JB Kim, Avicene Asset Management, a long-short equity fund from Citadel alum Moiz Khan, and Castiglione Capital, a London-based systematic trading firm.
“This model has supported a strong track record of successful launches and reinforced our reputation as a founder-friendly capital partner,” Singh told Business Insider earlier this year.
