Portman Square ditches CEO

The chief executive of one of Europe's most talked-about new hedge fund firms has stepped down in a bid to save costs after a big investor pulled its support, sources said. London-based Portman Square Capital has scaled back funding plans to $200m (£133.4m) from an original $500m target, sources said. It has also concluded it can no longer afford to keep Andrew Mack as chief executive after just five months in the job.