Moore Capital Management
Moore Capital | Hedge Fund Notes
The following piece on Moore Capital Management, LP is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.
Resource #1: (4.23.09) Hedge fund firm Moore Capital Management is looking to raise up to $500 million for two new hedge funds it has launched for star fund manager Greg Coffey, a source familiar with the matter told Reuters on Friday. The firm, run by Louis Bacon, is seeking to raise $250 million each for two emerging markets-focused funds that were launched at the start of April, the source said. Moore Capital declined to comment. Coffey, who ran $7 billion in assets at London-based GLG Partners (GLG.N) and left the firm last year in a high-profile move, joined Moore Europe in November as co-chief investment officer, despite speculation he might set up his own firm. source
Resource #2: A star hedge fund manager, who is thought to have earned $300m (£186m) last year, has joined his former employer's closest rival.
Greg Coffey, a 37-year-old Australian, reportedly outstripped the highest-paid chief executive in the FTSE 100 in 2007 by earning seven times more than Sir Martin Sorrell, the head of advertising group WPP. He left the GLG hedge fund last month, forgoing a $250m package designed to retain his services in order to set up his own fund.
However, he will not have far to move because his new employer shares the same Mayfair office block as GLG. New York-based Moore Capital Management announced yesterday that it had signed up Coffey as co-chief investment officer of its London office at 1 Curzon Street. He will switch floors immediately.
Colleagues can expect an energetic performance despite the economic downturn. During busy months, Coffey changed his emerging markets fund an average of 2.8 times a day and traded $254.6bn in May alone. His decision to leave GLG, and pass up a fortune, surprised GLG's founder Noam Gottesman, who said: "I would never have imagined that a few hundred million dollars was an insufficient amount to retain somebody."