Sunday, 8th November 2009

 

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

Most Read

  1. Barclays Wealth team leaves for Standard Chartered
  2. Lloyds wealth team quits after bonus worries
  3. UBS wealth unit takes £33m hit on rogue trades
  4. Citigroup plans 75 layoffs at wealth management division
  5. Morgan Stanley poaches six-member private wealth team from UBS

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

More from Portfolio

  1. Sotheby's 3Q loss widens
  2. Going local --- In a shaky art market, collectors stick close to home
  3. Tax amnesty proves a hit among Italians
  4. Citigroup to rebrand embattled alternative investments arm
  5. Debt defaults hit record but expected to slow

2nd Floor, Stapleton House, 29-33 Scrutton Street, London, EC2A 4HU

Tel: +44 (0) 20 7309 7788

Company No 3089347