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One of Wall Street’s most profitable hedge funds has dismissed its diversity, equity and inclusion leader, in a decision insiders say reflects concern over scrutiny from the Trump administration.
Maja Hazell, who has led DEI at D.E. Shaw since 2021, was told her full-time position would be cut last week by chief operating officer Eddie Fishman, according to sources familiar with the matter. Staff reporting to Hazell will be reassigned, with the company considering part-time consulting work as part of her exit deal.
The firm, which manages more than $70billion in assets, did not respond to requests for comment. Hazell denied she was departing when contacted, but did not confirm whether she would transition to a consultancy arrangement.
Internal fears and political signals
D.E. Shaw’s decision follows concerns raised internally that its commitment to DEI programs might attract regulatory attention. “The firm was concerned about being seen as too DEI, and this was the next step,” one insider told The New York Post. Another added: “The company was a poster child for DEI, but is now using their token hire as a sacrificial lamb.”
Donald Trump signed an executive order in January targeting companies that maintained DEI policies. The Department of Justice later pledged “measures to encourage the private sector to end illegal discrimination.” Staff at the New York-based fund feared the firm could become a target for investigation.
The changes come as D.E. Shaw enjoys record profitability, generating $11.1billion in gains for investors last year through its algorithm-driven strategies, according to Institutional Investor.
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Diversity programs under review
The firm is known for initiatives such as its Bridge internship, designed in 2016 for under represented groups in finance. Archived versions of its recruitment site also listed three other programs: Discovery, aimed at women; Momentum, for LGBTQIA+ candidates; and Latitude, supporting Native American, Black, Hispanic, and Pacific Islander students.
Those details disappeared from the company’s website after reporters sought comment earlier this year. Insiders said executives remained committed to internal DEI principles even while removing public references.
Hazell joined the hedge fund in October 2021 from law firm White & Case, where she was global head of diversity and inclusion. A Yale and Georgetown graduate, she had been one of the most senior DEI executives in finance.
With political and regulatory pressure intensifying, other firms may feel forced to follow D.E. Shaw in scaling back formal diversity commitments.
