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Opalesque Exclusive: Busson slashes 70 jobs, embraces the convergence trend by merging EIM alternative and traditional units into `dynamic management` model By Benedicte Gravrand, Opalesque London:

In an exclusive interview with Swiss daily newspaper Le Temps, Arpad Busson, 46, announced that he would again manage the operations of his group EIM. Managing director Patrick Susse is now the group’s vice-president.

The group has started making important changes; it has cancelled the separation between traditional and alternative management. Busson has recently merged the two management teams to regroup them under a different model which he calls “dynamic management.”

He told Le Temps: “we have noticed a convergence between the traditional and the alternative management worlds. Today, alternatives are more linked to traditional credit markets, interest rates, stocks. The information flow from one market to another is becoming more important.”

This trend can be seen through the evolution of UCITS III funds. Besides, the wide use of the concept of ‘absolute return’ by traditional managers lately has already blurred the distinction line between traditional and alternative management styles.

Busson also announced that his global workforce would be cut by 30%, from 240 to 170 associates.

With regards to the $230m of assets exposed to Madoff, he told Le Temps that management was reviewing all options to best assist.

EIM’s AuM......................

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