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Moore Said to Hire Currency Specialist Hull From Brevan Howard

Moore Said to Hire Currency Specialist Hull From Brevan Howard
The building housing Moore Capital Management LLC's, offices stand at one Curzon Street in London. Photographer: Simon Dawson/Bloomberg

Aug. 20 (Bloomberg) -- Moore Capital Management LLC, the hedge fund founded by Louis Moore Bacon, hired Stephen Hull from Brevan Howard Asset Management LLP, said a person with knowledge of the matter.

Hull is based in London, said the person who asked not to be identified because the company is private. Brevan Howard hired Hull last year from Morgan Stanley, where he was head of global foreign exchange strategy in London. He started at Moore’s European unit on Aug. 1, according to the U.K. Financial Services Authority’s register.

Bacon said this month that the European sovereign debt crisis is making it harder to find profitable trades in currency and debt markets and he will return $2 billion of capital to investors. Assets are valued more on their ability to withstand a “disaster” then how much they may yield or earn, he told investors in a letter. Hull declined to comment, as did officials at Moore and Brevan Howard.

Moore, which manages $15 billion, and London-based Brevan Howard, are macro hedge funds that trade currencies, bonds, commodities based on global economic trends. Macro hedge funds declined 1.9 percent on average during the first seven months of 2012, trailing the broader industry benchmark, which has gained 1.9 percent, according to data compiled by Bloomberg.

Bacon, 56, is returning capital to investors from his $8 billion Moore Global Investments fund, which has gained more than 18 percent a year since he started it in 1989. Each time Bacon has previously given money back to clients, his performance has improved. Brevan Howard, started in 2002 by Alan Howard and four other former Credit Suisse fixed-income traders, managed $36.7 billion as of the end of June.

To contact the reporter on this story: Jesse Westbrook in London at

To contact the editor responsible for this story: Edward Evans at

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