Moore Capital’s Darren Read Said to Plan to Depart for Gemsstock

Darren Read, who helped run a hedge fund at Moore Capital Management LLC with Greg Coffey, is preparing to join a firm being started by two former UBS AG colleagues, two people with knowledge of the matter said.

Read will move to Gemsstock Ltd., a hedge fund firm being set up by Al Breach and Charles Hill, said the people, who asked not to be identified because the move hasn’t been made public.

Read, who joined Moore Capital in London from GLG Partners Inc. five years ago, declined to comment when reached by telephone. He has been listed as inactive since October 14 on the U.K. Financial Conduct Authority’s register of approved persons. A spokesman for Moore Capital in New York declined to comment.

Breach, former Russia strategist at UBS in Moscow, is teaming up with Hill, former head of trading at UBS’s joint venture in Russia, and Florian Fenner, managing partner at Russia’s UFG Asset Management for the past 11 years, according to filings made last month at U.K.’s Companies House. Fenner didn’t respond to e-mails seeking comment.

Moore Capital tapped Read when it hired Coffey’s team of a dozen traders from London-based GLG. The company shut the $1 billion Emerging Equity Long/Short Fund that Read co-managed after Coffey announced he would leave the firm in October 2012, a person with knowledge of the matter said at the time.

Prior to GLG, Read spent six years at UBS working in global and emerging market equities and three years as a fund manager at WestLB Asset Management. Moore Capital, which was founded by Louis Moore Bacon, has about $12 billion of funds under management.

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