Moore Capital Said to Plan Spinoff of Paul Findley's European Stocks Team
Findley, hired by New York-based Moore in 2008 to trade from London, may start a separate hedge fund in the first quarter, said the people, who asked not to be named because the information is private. Moore may invest about $250 million, one of the people said.
The timing of the spinout depends on obtaining approval from the Financial Services Authority, the U.K.’s markets regulator, according to the person. A spokesman for Moore declined to comment.
“Having Moore as a backer will give a lot more credibility, especially in this fundraising environment,” said Don Steinbrugge, managing partner of Agecroft Partners, a Richmond, Virginia-based consulting firm that advises hedge funds and investors.
The $1.7 trillion industry has experienced net deposits this year for the first time since 2007, data from Chicago-based Hedge Fund Research Inc. show, while the amount of money raised as a share of assets is the lowest since 1998. The number of startup funds has declined by a quarter, as investors shun managers without a track record.
Two years ago, Moore spun out credit trader Tim Leslie, who started London-based James Caird Asset Management LP.
Before joining Moore, Findley had worked for a decade at London-based Threadneedle Asset Management Ltd. Prior to that he was head of the U.K. equity desk at British Aerospace.
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