If you're a trader with the credentials to join a top hedge fund, you should also be sufficiently insightful to have a view on the fund's likely longevity. Various traders at Moore Capital Management seem to have met the first condition, but not necessarily the second.
The Financial Conduct Authority (FCA) Register shows that Moore Capital Management has 53 registered employees in London, of whom several have joined this year. Now that Moore Capital is closing after 30 years, those new hires might be feeling a bit foolish.
Moore's recent recruits in London include Federico Scarduelli, a former Citi associate who joined Moore three months ago. There's also: Abhinandan Agarwal, a former Goldman Sachs vice president, who joined in July; Ravjit Johar, a former Bank of America director, who joined in May; and Joe Moloney, a former 'rising star' at GAM and Konstantinos Pantazopoulos, Goldman Sachs' former global head of rates trading, both of whom turned up in January.
There may be some regrets in the U.S. too. Moore announced plans to open a Miami office in September 2018, although it's not clear who went to work there beyond Andrew Tytel, a longserving Moore employee from New York City. In New York itself, Moore's recent hires include Nicolas Lenoir, a portfolio manager who joined in August from PSP Investments, or Piyush Sood, who joined three months ago after 12 years in equity research at Morgan Stanley.
Moore Capital was founded by hedge fund manager Louis Bacon in 1989 and had $8.9bn in assets under management at the end of last year. Moore's $1.1bn Global Investment fund fell 6% in 2018 and by 0.1% in the year to October 31st. In 2017 the fund cut 30 jobs in New York and London in an attempt to save costs. Now it appears to have given up altogether.
Moore didn't respond to a request to comment on its situation. One headhunter said his team have been in touch with people there. "They have some good equities staff, but the message is that people there are still trying to understand what's going on. Is it being closed completely? Or are they keeping bits of it? No one seems to know."
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