Nov. 10 (Bloomberg) -- Moore Capital Management LLC, the $15 billion hedge fund run by Louis Moore Bacon, plans to spin off Paul Findley’s European equities team, according to two people with knowledge of the move.
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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