PERRY CAPITAL BRACES FOR 1ST DOWN YEAR, CUTS STAFF

By MARK DeCAMBRE Posted: 4:42 am Even Wall Street's biggest superstar investors are being rocked by the tumult ravaging the markets. Renowned New York hedge-fund honcho and political powerbroker Richard Perry is facing down his first losing year in hedge-fund investing since launching his fund some 20 years ago. The ex-Goldman Sachs billionaire manager of Perry Capital is shrinking his staff and battening down the hatches at his firm, which boasts tony digs in the General Motors Building. His flagship fund Perry Partners International recorded a third-quarter loss of 6.13 percent, bringing his year-to-date performance down 9.32 percent, according to people familiar with the matter. The hedge fund, which has reduced its equity holdings amid the stock market's meltdown, trimmed staff recently, including professionals Jon Cheng,... [read full story]