Other marquee firms that have shut funds or returned investor capital in recent years include Jon Jacobson’s Highfield Capital Management, Eric Mindich’s Eton Park Capital Management, John Griffin’s Blue Ridge Capital, Neil Chriss’s Hutchin Hill Capital and Richard Perry’s namesake shop.

Bacon had told investors at the end of 2016 that he was “exceedingly upbeat” for the first time in several years about the “game-changing trading opportunities that lie ahead.” He pointed to President Donald Trump’s victory in the U.S. election and the prospects for higher interest rates, a stronger dollar, booming corporate sector and improving market liquidity.

That didn’t pan out. Moore Capital continued to shed assets, and its main funds haven’t returned more than 6% a year since 2013.

“We have closed down a number of funds before in our 34 years of managing client assets so this wrapping up of client investment programs is not new ground for us,” Bacon said in the letter. “We expect the large majority of the invested capital to be returned early in the first quarter of the coming year.”

This article was provided by Bloomberg News.

First « 1 2 » Next