Moore Shutters Unit Led By Amaranth Vets

Dec 13 2007 | 1:37pm ET

For the second time in as many years, Manos Vourkoutiotis’ team is out of work. Moore Capital Management announced today that it would be shuttering the Toronto office run by Vourkoutiotis, cutting 15 jobs.

The $13 billion New York-based hedge fund hired Vourkoutiotis and his team of traders from Amaranth Advisors when that firm collapsed amid bad energy bets last summer. Last month, the group posted a 15% decline. In a statement, Moore said the team “did not meet the risk-reward parameters that have guided Moore since inception.”

The Toronto team traded Canadian distressed debt, convertible bonds and equities. Moore said it is not giving up on the Canadian market, just the Canadian team.

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