Moore Capital Management Cuts Headcount By 7%

Jul 13 2017 | 9:31pm ET

Despite buoyant markets around the world, Louis Bacon’s Moore Capital Management has reportedly cut around 30 positions from its New York and London offices.

The move accounts for approximately 7% of the $13.4 billion macro hedge fund manager’s 427 person workforce, according to a Reuters article citing a regulatory filing. Macro funds have struggled in recent years as asset correlations have risen and volatility has fallen to record lows, with Hedge Fund Research’s HFRI Macro (Total) Index gaining only 3.43% for the three years through June 30, the least among major strategies. Moore’s flagship fund was down 2% through June 22, Reuters added, after rising 5% last year. 

Given the headwinds, many funds have cut fees as well as staff. Moore lowered the management fee on its main fund late last year, while well-known managers Tudor Investment Corp. and Brevan Howard Asset Management also reduced fees for some investors. Meanwhile, Bill Ackman’s activist hedge fund Pershing Square Asset Management offered investors a structure in which they could pay less during periods of underperformance in return for a greater slice of performance above a 15% hurdle.

Founded in 1989 by Bacon, who used a $25,000 inheritance to kick off his first fund, Moore is a multi-strategy hedge fund manager invested across a number of vehicles engaged in global public equity and fixed income markets. 

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