Oct. 5 (Bloomberg) -- Moore Capital Management LLC’s European business made 31.7 million pounds ($51.3 million) last year, a 45 percent increase from 2010 after it cut expenses.
Revenue for the hedge fund’s London-based unit declined to 76.7 million pounds from 117 million pounds in the year-earlier period, according to a filing today with the U.K.’s Companies House. Administrative expenses fell to 44.6 million pounds from 95.3 million pounds, the filing said.
Moore, the $15 billion New York-based firm founded by Louis Bacon, struggled last year as its two main hedge funds lost money. Bacon, 56, told clients in August he planned to return $2 billion, or 25 percent of the money in the fund he manages, to investors, saying it may be too big to generate good returns.
Moore Europe Capital LLP was eligible to distribute its 31.7 million pounds of profits to the unit’s seven members, the filing showed. The members include Bacon and Greg Coffey, Moore Europe’s co-chief investment officer, the filing said.
Tom Burns, a spokesman for Moore based in London, declined to comment.
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