Ex-Moore Emerging Markets Manager Shutters Hedge Fund

Apr 18 2012 | 1:25pm ET

Lev Mikheev, who left Moore Capital Management two years ago to launch his own hedge fund, has shuttered that fund and returned to Moore.

Mikheev was back at Moore two weeks ago, the latest Moore veteran to find success outside of the nest hard to come by. Mikheev decided to close his London-based Salute Capital Management after it lost 11% last year. The fund, which focused on Russia and other former components of the Soviet Union, also had difficulty fundraising—the firm had about US$300 million in assets under management, US$250 million of which came from Moore.

Mikheev is not alone, either in failing to find traction for his fund or in returning to Moore, Bloomberg News reports. In fact, he's the third Moore vet to close a hedge fund this year and the second to come back to the firm. In January, William Tung liquidated his Avesta Capital Management and returned to Moore. The same month, James Caird Asset Management's Tim Leslie began to return money from his firm's flagship to investors; Leslie has not returned to Moore and instead plans to launch a new fund managed by his deputy this year at James Caird.

To accommodate the returning Mikheev and Tung, Moore founder Louis Bacon has moved some money managed by his firm's European co-chief, Greg Coffey. Coffey, whose strategy posted losses last year, approved of the decision, according to Bloomberg.

Mikheev originally joined Moore in 2003; he ran some US$1 billion in emerging markets assets for the firm. Tung launched Avesta—with some US$200 million from Moore—10 years ago, after spending six years at Moore.

Moore, it seems, is no Tiger Management: Firm veterans have been finding failure outside of Moore for years. Tony Anagnostakis' Agnos Group, launched in 2001, lasted only two years before he returned to Moore. Ron Connors' Cornerstone Global Macro Management didn't make it. Neither did Bacon's brother's Hampton Capital; Zach Bacon launched Hampton in 2009 but was back at Moore as of February.


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