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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR