Friday, 25 July 2014
Last updated 1 hour ago
Apr 26 2010 | 12:49pm ET
Moore Capital Management has redoubled its effort to build up its long-term investor base in the wake of more than $5 billion in redemptions during the financial crisis.
In a letter to investors earlier this month, Moore chief Louis Bacon said the New York-based firm hired a new marketing team, which “has had very good success in attracting what we hope is sticky capital from more institutional investors,” MarketWatch reports.
Bacon, who last week was named the richest hedge fund manager in the U.K., also took the time to blast the European Union’s plans to bail out Greece and impose strict new hedge fund regulations, with potentially “disastrous consequences.”
“European financial authorities see hedge funds particularly as a threat to their ability to contain prices, information and confidence in their increasingly risky sovereign-debt markets,” Bacon wrote. “Witness their demonization of hedge funds in the market revolt after the Greeks were found to be lying about their deficit data.”
Bacon criticized European leaders for deciding “to reward the prodigal Greeks with a bailout, socializing their ills and taxing once again the prodigious Northern European workers,” inflicting a potential fatal wound to the euro.
“Perhaps the most interesting area for the foreseeable future is the potential breakdown of the European Monetary Union,” he wrote.
Still, Moore is not above trying to profit from Europe’s profligacy.
“We are positioned with a net long duration exposure to Greek bonds, which explains a drag on performance month-to-date,” Bacon said. “We are expecting the European authorities to move beyond uninformed blame-casting and begin bailing out Greece.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…