Changes are being made to Moore Capital's European operation to mark the start of 2018.
Hassim Osman Dhoda, a former senior macro trader at Moore Capital in London quit at the end of last year and has formed a new macro fund - Soloda Investment Advisors, which was registered with Companies House on December 28th 2017. For the moment, Dhoda is Soloda's only employee.
Registrations with Companies House in London also suggest that Moore Europe Capital Management has "terminated" various "members." These include finance director Garth Gasgoigne, global head of trading Maurizio Alfano, and portfolio managers Angelie Ashwin Moledina and Luis Valderrama.
Typically, hedge fund members are synonymous with partners. However, the terminated members are still employed by Moore in London according to the Financial Conduct Authority (FCA) Register. The changes are understood to be immaterial. A spokesperson for Moore declined to comment.
Following the 'terminations', Companies House shows that Moore Capital Europe still has three individual members (partners): Louis Bacon himself, Panagiotis Vlachopoulos ( a portfolio manager who joined from J.P. Morgan in 2015), and Joeri Jacobs (who joined from MSCI in 2010).
Dhoda had been with Moore Europe Capital Management as a senior macro portfolio manager for almost a decade. He previously worked for Tudor Investment, Goldman Sachs and Lehman Brothers.
Moledina joined Moore Capital in 2014, after 18 years at Morgan Stanley. One of the few senior female traders in the industry, she was named as the sole head of Morgan Stanley’s European liquid flow rates business just a year before leaving the firm.
Valderrama left J.P. Morgan in 2013, where he served as a senior portfolio manager and managing director, to join Moore Capital,
Gasgoigne, according to his LinkedIn profile, has been with the company for 17 years, the longest among the five. Interestingly, Alfano, who joined Moore Europe Capital in 2010, has had two stints at the firm. He previously worked for Moore Capital for 10 years, from 1992 till 2002. He left the firm to join Maven Capital Management as a partner, and eventually went on to become managing director at Barclays Capital, where he spent five years before rejoining Moore as global head of trading in 2010.
The legal alterations come after Moore cut heads at its London business. In July last year, the $13.4bn hedge fund cut as many as 30 jobs London and New York, although eight months previously its billionaire founder, Louis Moore Bacon, was upbeat about the firm's outlook.
Moore Capital is one among many hedge funds that have reduced their fees and workforces after client outflows. According to a December 2016 Wall Street Journal report, the firm cut the management fee on its $7.5bn macro managers funds to 2.5% from 3%.
Image credit: LeonidKo, Getty