Moore Vets Get US$800M Seed From Old Firm

Feb 9 2012 | 5:01am ET

Stone Milliner Asset Management debuted last month with more than US$1 billion in initial assets—most of which belong to another hedge fund.

Moore Capital Management seeded the new firm, founded by Moore vets Jens-Peter Stein and Kornelius Klobucar, with a whopping US$800 million, Bloomberg News reports. New York-based Moore's money is held in a managed account by Stone Milliner.

While Moore has made a practice of seeding hedge funds launched by former traders, the seed funding provided to Stone Milliner is thought to be exceptionally high. The investment in the Zug, Switzerland- and London-based firm accounts for about 5% of Moore's US$15 billion in assets, meaning that Stein and Klobucar are effectively continuing to manage money for Moore.

Despite the generous seed from Moore, Stone Milliner, a macro specialist, continues to raise money. The fund has a $1 million minimum investment requirement and charges 2% for management and 20% for performance.


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