Tuesday, 21 February 2017
Last updated 3 days ago
Dec 5 2007 | 8:05am ET
A hedge fund posts a big loss, and an old name is back in the news: Amaranth Advisors.
A group of traders who joined $13 billion Moore Capital Management from the collapsed hedge fund about a year ago may have learned the wrong thing from their former employer. Their portfolio lost 15% in November, Bloomberg News reports, on bad stock and convertible-bond bets.
The Canadian-based hedge fund unit, which was trades distressed debt, convertible bonds and equities, was managing about $1 billion in capital from Moore’s hedge funds and had been flat for the year before last month. It is led by Manos Vourkoutiotis, who headed Amaranth’s Canadian debt, equities and derivatives trading for six years before the firm blew up on bad energy bets last August.
Overall, the Moore Global Investment Fund, which is not managed by the Canadian team, fell only 2% in November, but remains up 15% year-to-date.