Moore Boosts Institutional Marketing, Blasts Europe

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.”


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Sponsored Content

Editor's Note