Friday, 21 October 2016
Last updated 10 hours ago
Oct 5 2012 | 1:52pm ET
Moore Capital Management's European business posted a big increase in profit last year after slashing administrative costs.
Moore Europe Capital had £31.7 million (US$51.3 million) to distribute to its seven partners in 2011, according to a regulatory filing. That's a 45% increase from 2010.
Moore Europe's revenue actually fell by more than one-third to £76.7 million. But its administrative expenses fell by more than half, to just £44.6 million, accounting for the jump in profit. Salaries were £30.5 million, averaging £285,000 for each of its 107 employees.
The profit goes to five people and two companies, MECM Limited and Moore Europe Capital Development. The people sharing in the pot include Moore founder Louis Bacon, co-chief investment officer Greg Coffey, David Barker, Maurizio Alfano and Gian Luca Ambrosio, who resigned in November.
Next year, emerging markets macro strategies chief Soraya Chabarek will share in the pool.