Not-So-Merry Weather

A couple of items about hedge-hog John Meriwether, our favorite LTCM alum:

From Job cuts at Meriwether hedge fund

Troubled hedge fund JWM Partners, founded by John Meriwether has made more than 10 people redundant.

Several staff have gone from its London office, which employs 17 people, and up to ten at its New York base.

Two partners based in London are also quitting.

And in MERIWETHER'S TROUBLED FUND OFFERS EARLY EXIT we learn:

Following months of steadily declining returns in his hedge fund, John Meriwether is offering some investors an early out.

Investors of the JMW Global Macro fund, the smaller of the two funds managed by Meriwether's JMW Partners, are being offered the chance to pull out their money as soon as tomorrow, The Post has learned. Ordinarily, the fund's investors would have to wait until the end of June to exit.

Meanwhile, investors of Meriwether's flagship fund - the $1 billion Relative Value Opportunity fund, which had losses of nearly 32 percent as of the end of March - are less fortunate.

Those positions have to wait till the end of June to get any money back. Based on redemption requests already received for Relative Value, one-eighth of total assets - the maximum allowed - is scheduled to be yanked at the end of June, according to a person familiar with the situation.