By Carleton English
July 13, 2017 | 4:02pm | Updated
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Moore Capital founder Louis Bacon Denver Post via Getty Images
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Louis Bacon’s hedge fund just got a little leaner.
The billionaire’s Moore Capital Management cut 30 jobs at its New York and London offices, a spokesperson for the firm confirmed. Moore Capital’s headcount reduction accounts for 7 percent of the $13.4 billion fund’s 427 person workforce.
“Like many firms in our industry, Moore Capital Management has taken steps to respond to the current trading environment, including making the difficult decision to reexamine our staffing levels,” a spokesperson said in an emailed statement.
The fund — whose founder Bacon last year gained notoriety for his bitter property-line dispute in the Bahamas with clothing magnate Peter Nygard — is down roughly 2 percent this year through June, according to data provided by HSBC.
Hedge funds, on average, returned 3.7 percent through the first half of the year, according to data provided by HFR. Their performance is eclipsed by the S&P 500, which gained 8 percent over the same period.
Amid challenges in the industry, Moore Capital cut its management fee in its flagship fund late last year by half a percent to 2.5 percent, the Wall Street Journal reported in December.
Other hedge funds responding to pressure from investors over fees include Brevan Howard and Tudor Investment Corp., which have cut their fees outright.
http://nypost.com/2017/07/13/bacons-moore-capital-fires-workers-amid-hedge-fund-woes/
July 13, 2017 | 4:02pm | Updated
Modal Trigger
Moore Capital founder Louis Bacon Denver Post via Getty Images
More On:
louis bacon
Judge has no interest in reinstating billionaire's $50M defamation suit
Peter Nygard fabricates news clips in 'smoking gun' video
Judge tosses Louis Bacon's defamation suit against Peter Nygard
Ex-model says she was held hostage in billionaires' feud
Louis Bacon’s hedge fund just got a little leaner.
The billionaire’s Moore Capital Management cut 30 jobs at its New York and London offices, a spokesperson for the firm confirmed. Moore Capital’s headcount reduction accounts for 7 percent of the $13.4 billion fund’s 427 person workforce.
“Like many firms in our industry, Moore Capital Management has taken steps to respond to the current trading environment, including making the difficult decision to reexamine our staffing levels,” a spokesperson said in an emailed statement.
The fund — whose founder Bacon last year gained notoriety for his bitter property-line dispute in the Bahamas with clothing magnate Peter Nygard — is down roughly 2 percent this year through June, according to data provided by HSBC.
Hedge funds, on average, returned 3.7 percent through the first half of the year, according to data provided by HFR. Their performance is eclipsed by the S&P 500, which gained 8 percent over the same period.
Amid challenges in the industry, Moore Capital cut its management fee in its flagship fund late last year by half a percent to 2.5 percent, the Wall Street Journal reported in December.
Other hedge funds responding to pressure from investors over fees include Brevan Howard and Tudor Investment Corp., which have cut their fees outright.
http://nypost.com/2017/07/13/bacons-moore-capital-fires-workers-amid-hedge-fund-woes/
