Amaranth Vets Lose 15% At New Job

Dec 5 2007 | 9:05am 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.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of