Moore Is Said to Cut About 30 Jobs in New York, LondonBy and
Moore Capital Management, the hedge-fund firm that oversees $13.4 billion, has cut about 30 jobs, according to a person with knowledge of the matter.
The firm founded by billionaire Louis Bacon reduced staff numbers in London and New York, the person said, asking not to be identified because the matter is private. Moore’s fund lost 2 percent this year through June 22 after gaining 5 percent in 2016, according to an investor document.
“Like many firms in our industry, Moore Capital Management has taken steps to respond to the current trading environment, including making the difficult decision to re-examine our staffing levels,” the company said in an emailed statement. “We are committed to treating all affected employees with the respect and care they deserve and we thank them for their many contributions.”
Macro funds have struggled to make money in recent years as central bank policies damped volatility. The funds climbed just 1.3 percent on an asset-weighted basis in the first five months of the year, the least among the main strategies tracked by Hedge Fund Research Inc.
Moore joins peers including Tudor Investment Corp. and Brevan Howard Asset Management, who have reduced their fees and workforces after client outflows. Moore employs 427 people, about 180 of whom are involved in investing, according to a March filing.
— With assistance by Saijel Kishan