Moore Capital Is Said to Cut About 30 Jobs in New York, London

(Bloomberg) -- Moore Capital Management, the hedge-fund firm that oversees about $13.4 billion, has cut about 30 jobs, according to a person with knowledge of the matter.

The firm founded by billionaire Louis Bacon reduced staff numbers in London and New York, the person said, asking not to be identified because the matter is private. A spokesman for the money manager declined to comment. Moore’s fund lost 2 percent this year through June 22 after gaining 5 percent in 2016, according to an investor document.

Macro funds have struggled to make money in recent years as central bank policies damped volatility. The funds climbed just 1.3 percent on an asset-weighted basis in the first five months of the year, the least among the main strategies tracked by Hedge Fund Research Inc.

Moore joins peers including Tudor Investment Corp. and Brevan Howard Asset Management, who have reduced their fees and workforces after client outflows. Moore employs 427 people, about 180 of whom are involved in investing, according to a March filing.

--With assistance from Saijel Kishan

To contact the reporters on this story: Stefania Spezzati in London at sspezzati@bloomberg.net, Nishant Kumar in London at nkumar173@bloomberg.net.

To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net, Neil Callanan at ncallanan@bloomberg.net, Jon Menon