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From Kirsten Bischoff, Opalesque New York: News of financial industry layoffs which began in March of 2008 has grown to a tidal wave of bleak and frightening cutback announcements. This week alone has seen several institutions announce layoffs extending to the mid-five figures as Bank of America announced 30,000 may be cut and Citi is targeting 52,000 (with Citi going so far as to eliminate additional supplemental severance benefits for long time employees).

Although any media reports of staff downsizing at hedge funds has been dwarfed by the numbers of bank layoffs Opalesque reached out to Robert Olman, President of Alpha Search Advisory, an alternative investment focused, executive search firm about the strategies in the hedge fund industry which are still currently looking to hire across many levels. At the top of Olman’s list right now is distressed debt and “all its flavors“.

Distressed debt has become a focal point for many looking to take advantage of opportunities in the credit crisis. This week Opalesque carried news that distressed debt veteran Randy Smith, who has managed the portfolio for his family offices for the better part of the last two decades sees the best distressed opportunities of his career and as such has opened a new distressed fund to a limited number of outside investors.

“Loans which have been written down by the banks and lenders provide fantastic opportunities for an investor c......................

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