Moore Capital Management LLC, the New York firm founded by Louis Moore Bacon, invested $ 800 million in a hedge fund started last year by two of its former traders, according to two people with knowledge of the matter.
The Moore investment allowed Stone Milliner Asset Management AG founders Jens-Peter Stein and Kornelius Klobucar to begin trading last month with more than $ 1 billion, said the people, who asked not to be named because the firms are private. Moore’s assets are in a managed account, the people said.
“That’s a big number,” said Michael Rosen, chief investment officer of Angeles Investment Advisors LLC, a Santa Monica, California-based firm that helps clients invest in hedge funds. “You don’t normally see investments of that size in a start-up. Having worked with the managers already, that might give the investor extra comfort.”
Moore has a history of investing in traders who leave the hedge fund to start their own firms. Those who received allocations in recent years include Bramshott Capital LLP’s Paul Findley and James Caird Asset Management LP’s Tim Leslie.
Todd Edga………….
