Friday, 5th December 2008

 
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11 August 2008 - David Walker

Billionaire's hedge fund makes £150m

US billionaire Louis Bacon has registered a slight rise in revenue for his UK company, Moore Europe Capital Management, to £151m (€192.9m) for the year to December 31, as his flagship $6.6bn (€4.4bn) fund made 16.4% last year.

MECM, which published its annual results at Companies House last month, is a subsidiary of New York-based Moore Capital Management, which Bacon established in 1989 and which is believed to manage about $15bn in a range of alternative investment funds.

US-born Bacon, who lives in London, made his fortune as an investor by betting on macro-economic themes, which are the main focus of Moore’s business.

Revenues at MECM, from performance and management and performance fees levied on investors in the group’s products, rose 2.6% last year.

Tags: Asset Management , Results

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Mayfair goes Modern

Sebastian + Barquet, a three-year old design gallery based in New York and Chelsea, is opening a new gallery showing museum quality pieces in Mayfair next month, the first in London to focus on international modernism from the 1940s to the 1960s. Its opening exhibition is dedicated to American modernist design and is curated by celebrated architect Eric Parry.

Rich Monitor

Stocking filler: Harrods sells world's most expensive shirt

Harrods, the luxury London-based retailer, is selling a diamond-encrusted shirt valued at £20,000, the world's most expensive shirt ever made. Although the shirt has not yet been sold, it puts paid to the idea of the wealthy having to reign in their spending as a result of the recession.

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