Moore Capital Management LLC, the $15 billion hedge fund run by Louis Moore Bacon, eliminated 10 to 15 investment positions as part of a restructuring of one of its equity teams, according to three people familiar with the matter.
The portfolio managers and research analysts were let go Tuesday, said one of the people who asked not to be identified because the information is private. Patrick Clifford, a spokesman for New York-based Moore, declined to comment.
Bacon, 56, told clients last month that he planned to return $2 billion, or about 25 percent of his main fund, to investors, saying it may be too big for him to achieve past profits as “liquidity and opportunities have become more constrained.”
Moore had 208 employees involved in investment-advisory roles, including research, according to a regulatory filing in March. The firm had 426 workers, excluding clerical staff.
The firm’s Moore Global Investments Ltd. fund returned about 0.8 percent this year through August, according to investors. The fund follows a macro strategy that seeks to profit from broad economic trends by trading everything from bonds to currencies. Such funds lost an average of 0.6 percent while the hedge-fund industry gained 2.6 percent, according to data compiled by Bloomberg.
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