Hedge funds are moving aggressively to cut costs on their trading desks, according to research from Greenwich Associates, reflecting wider pressure across the trading industry to downsize amid a slowdown in activity.

The US-based consultancy surveyed 232 heads of trading at financial institutions - including asset management firms, corporate treasuries, pension funds, endowments, hedge funds, banks and insurance companies - on the organisational structures of their trading desks, as well as staffing levels and budgets.