If you’re a top-earning partner in a large European hedge fund that posted a big uptick in revenues, how much extra do you award yourself? In the case of Moore Capital’s European operation, the answer is a mere £7.2m.
Moore Europe Capital Management LLP, the UK arm of Louis Bacon’s employee-owned hedge fund, has just unveiled its results for the year to 31 December 2013 and, from a turnover point of view, they were very positive. Revenues reached £140m for the year, up from £95m in 2012, and profit for division among its members jumped from £32.1m to £36.3m.
As is usual in limited partnerships, the members divide up the profits, but this is not shared equally. The highest paid member in Moore Europe Capital Management LLP received a hefty £24.5m, up from an already generous £17.3m in 2012.
This could be one lucky individual – Moore doesn’t say who received this figure – but it also counts two holding companies, Moore Europe Capital Development and MECM Limited, among its member. Often, these firms are awarded profits which go toward paying the rank and file employees outside of the partnership, so it could be that Moore is being more generous to its employees.
However, even excluding this, the remaining six members still received an average of £1.9m each.
The accounts don’t cover employees outside of the partnership, but Moore Capital has been on something of a recruitment drive throughout 2014. It now has 85 employees registered with the Financial Conduct Authority, up from 67 at the beginning of this year.
Some of this has been swooping on talent from rival hedge funds which have fallen on hard times. As we reported last week, a number of former employees of defunct commodities hedge fund Clive Capital followed its founder Chris Levett to Moore after he joined earlier this year. Moore also lifted out a team from SAC Capital’s London operation, which shuttered its doors last year as part of the fall out of insider trading allegations against the firm.