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Moore Capital Management

Moore Capital Management, LP (MCM) is a global investment management firm headquartered in New York City, specializing in hedge funds with a primary focus on macro trading strategies across public financial markets and private equity. Founded in March 1989 by Louis Moore Bacon, who continues to serve as Chairman and principal investment manager, the firm was established following Bacon's experience as a Senior Vice President in futures trading at Shearson Lehman Brothers Inc. MCM has evolved into a prominent player in the hedge fund industry, pioneering global macro approaches that involve betting on macroeconomic trends, currencies, commodities, and fixed income securities. The firm operates through a network of offices in , , and , employing over 350 professionals as of 2025 to manage discretionary assets for institutional investors and high-net-worth individuals via privately offered funds, including global diversified hedge funds, global fixed income strategies, and emerging markets investments. As of August 2025, MCM reports approximately $28 billion in , reflecting growth from its early days despite market volatility, having reached a peak of $40.2 billion in 2023. In recent developments, the firm has diversified into structured opportunities, such as a September 2025 partnership with Capital Partners to allocate up to $500 million in residential loans.

History

Founding and Early Development

Moore Capital Management was founded in March 1989 by Louis Moore Bacon, an American investor who named the firm after his mother's maiden name. Bacon launched the hedge fund with a modest $25,000 inheritance from his mother, initially using the capital to trade commodities and currencies on his own account. Prior to establishing the firm, Bacon had built trading experience as a futures broker at Shearson Lehman Hutton starting in 1983, where he rose to senior vice president and managed trades for prominent hedge fund clients, honing his skills in global financial futures. This background positioned him to focus on macro-oriented strategies from the outset, capitalizing on geopolitical and economic trends across international markets. In 1990, Bacon expanded operations by raising approximately $1.8 million from early investors, enabling the formal launch of the firm's flagship offshore fund, Investments. A significant portion of this initial capital—around $1.5 million—came from Antoine Bernheim, president of Dome Capital Management, whose investment was instrumental in scaling the fund beyond Bacon's personal trading. The fund's inception marked Moore Capital's shift toward institutional management, emphasizing discretionary trading in currencies, , equities, and commodities, with an emphasis on high-conviction bets derived from Bacon's analysis of macroeconomic shifts. By the end of 1990, reached around $200 million following a 29% return. The firm began operations from a small office in , reflecting Bacon's early, low-profile approach before relocating its headquarters to to accommodate growing activities in the early . This period laid the groundwork for Moore Capital's reputation as a premier , setting the stage for subsequent expansion into larger-scale operations.

Key Milestones and Growth

In the mid-1990s, Moore Capital Management solidified its presence by establishing its headquarters in , facilitating proximity to major financial markets and supporting rapid expansion. Bacon founded the firm in using a $25,000 for personal trading, before raising $1.8 million in to launch the flagship offshore fund, Moore Global Investments. The firm grew substantially during this period, reaching approximately $9.4 billion in AUM by 1999, driven by strong performance in its flagship macro strategies. This growth reflected the firm's ability to attract institutional investors and capitalize on global trading opportunities, with its core Moore Global Investments fund expanding to $6 billion by the late . By the early 2000s, Moore Capital's AUM had surged to over $20 billion at its peak in , underscoring its emergence as a leading player in the industry amid volatile economic conditions. The firm diversified its offerings during this era, launching specialized funds such as a global fixed-income vehicle in 1993 and an emerging-markets fund in the same year, which further bolstered its reputation for innovative macro investing. This period of expansion highlighted Bacon's disciplined approach to , earning praise from industry peers like , who noted Bacon's exceptional capital preservation on a large asset base. In , amid widespread market turmoil, Moore Capital demonstrated a client-centric by permitting approximately $5 billion in redemptions, even as its fund posted a relatively contained decline of 2.9 percent through , far outperforming broader industry losses. This decision prioritized liquidity for investors during a period of heightened anxiety, reinforcing the firm's commitment to transparency and trust. By 2009, Moore Capital continued its strategic evolution with the launch of the Moore Emerging Equity Long/Short Fund, led by portfolio manager , and the Moore Emerging Fixed Income and Currency Fund, aimed at capturing opportunities in developing markets. Throughout the , Moore Capital earned widespread recognition as one of the premier hedge funds, with Bacon's track record of net annualized returns of approximately 18 percent since inception for the flagship funds—cementing its status among elite managers like and . The firm's consistent outperformance and adaptive strategies positioned it as a benchmark for investing, attracting long-term from sophisticated institutions.

Recent Developments and Transition

In 2010, Moore Capital Management faced regulatory scrutiny on two fronts. A former employee, Julian Rifat, was arrested by British authorities for activities unrelated to the firm's operations, later pleading guilty in 2014 to sharing confidential information on eight occasions between 2006 and 2008. Separately, the U.S. (CFTC) charged the firm with attempting to manipulate settlement prices of and futures contracts on the (NYMEX) from late 2007 through mid-2008, resulting in a $25 million settlement without admission of wrongdoing. By 2013, the firm resolved lingering litigation from the same commodities allegations through a $48.4 million of a class-action brought by investors claiming losses due to distorted NYMEX platinum and futures prices. This payout addressed claims that Moore Capital's trading tactics, including aggressive late-day positioning known as "banging the close," artificially influenced , though the firm denied liability. Amid these challenges, Moore Capital's (AUM) declined to $10.2 billion by September 2018, reflecting broader industry pressures and performance hurdles that prompted a strategic pivot toward focused on founder 's interests. In November 2019, announced the return of approximately $7.6 billion in outside from the firm's three main funds—Remington Investment Strategies, Moore Investments, and Moore Managers—citing disappointing recent results and intensifying competition from lower-fee alternatives like mutual funds and ETFs. The decision marked the end of three decades managing third-party money, with cumulative payouts to investors exceeding $19 billion since inception, though the firm would persist as a handling 's personal wealth and a small amount of retained . Since the 2019 transition, Moore Capital has maintained operational continuity, emphasizing internal strategies while filing regular SEC Form 13F disclosures that reveal an active, diversified portfolio exceeding 500 holdings as of the quarter ending September 2025. Following the transition, the firm's assets under management grew to approximately $28 billion as of August 2025, reflecting appreciation in proprietary holdings. In September 2025, Moore Capital partnered with Invictus Capital Partners to allocate up to $500 million in residential mortgage loans, diversifying into structured credit opportunities. In 2025, the firm bolstered its team with key hires, including Barry Piafsky from Eisler Capital and Neil Smith from ExodusPoint Capital Management, signaling ongoing talent acquisition to support proprietary trading efforts.

Investment Approach

Core Strategies

Moore Capital Management employs a approach, which involves taking positions based on anticipated macroeconomic trends and events across various , including currencies, commodities, equities, and markets. The firm utilizes a range of instruments such as cash instruments, futures, options, and to implement these bets, emphasizing highly liquid positions to capitalize on global economic shifts. This strategy allows the firm to navigate broad market dynamics, including changes, geopolitical developments, and commodity price fluctuations. A key element of the firm's methodology is discretionary trading, where experienced portfolio managers make decisions informed by in-depth rather than rigid quantitative models. This approach is complemented by a strong focus on and rigorous practices, enabling the firm to manage and preserve capital during market turbulence. By prioritizing liquid assets and employing sophisticated risk models, Moore Capital aims to mitigate downside exposure while pursuing opportunistic trades. The firm's portfolio construction is diversified through long/short positions across multiple sectors, with a historical emphasis on commodities and emerging markets. In 2009, Moore Capital launched funds targeting emerging markets, including an emerging and fund to broaden its exposure in these areas. trading forms a core component, focusing on assets like oil and other raw materials to against and economic cycles. This diversified structure helps balance risk while seeking returns from uncorrelated opportunities. Following , Moore Capital underwent a significant evolution by returning capital to external investors and transitioning to a model focused on managing Bacon's personal wealth and that of select staff. This shift consolidated the firm's three main funds into a single vehicle, allowing for more concentrated investments while retaining the core theme, unencumbered by the constraints of outside client mandates. The change enabled greater flexibility in position sizing and strategy execution, aligning operations more closely with long-term goals.

Notable Trades and Performance

Moore Capital Management gained early prominence through Louis Bacon's successful short positions in equities and currencies ahead of the 1987 stock market crash, where he profited significantly by shorting S&P futures before the downturn and then going long as the market bottomed. These trades, executed while Bacon was trading commodities and currencies, helped establish his reputation as a macro investor and provided the capital base for launching the firm. In the 1990s and , the firm executed several high-profile bets on fluctuations and commodities that drove strong performance. Notable examples include shorting index ahead of the Japanese market collapse in 1990, going long on oil in anticipation of Saddam Hussein's invasion of that same year, and betting against the euro versus the in 1999 while taking long positions in technology stocks and foreign equities. These strategies contributed to annualized returns often exceeding 20% in peak years, with the flagship Investments fund achieving 23% to 32% annual returns from 1995 to 1999 and an overall 31% annualized return after fees since its 1990 inception. The firm's grew rapidly from approximately $1.8 million in 1990 to a peak of over $20 billion in 2003, reflecting its success in attracting capital through consistent outperformance, before declining to $10.2 billion by 2018 amid broader industry challenges. However, performance faced headwinds in 2018, when a Bacon-managed fund declined nearly 6% amid spikes in market volatility, contributing to the firm's 2019 decision to return outside capital and transition to a structure. As of the second quarter of 2025, Moore Capital's diversified 13F portfolio under Bacon's control was valued at approximately $7.98 billion.

Leadership and Organization

Louis Bacon

was born on July 25, 1956, in . He earned a degree in from in and later obtained a in finance from in 1981. Bacon began his career on after completing his MBA, initially working as a clerk on the Coffee, Cocoa, and Sugar Exchanges. He subsequently held positions at and Walter N. Frank & Co., before joining Shearson Inc. in 1983 as a futures broker, where he rose to senior vice president and traded financial futures and commodities options. In 1989, Bacon founded Moore Capital Management in with an initial $25,000 inheritance from his mother as seed capital, serving since inception as its chairman, , and principal investment manager. Under his leadership, the firm grew into a prominent , emphasizing directional bets on macroeconomic trends across asset classes. As of 2025, estimated 's net worth at $1 billion, primarily derived from his stake in Moore Capital. In November 2019, announced the return of outside investor capital from Moore Capital's three main funds after nearly three decades of managing client money, citing a challenging environment; he continued to oversee the firm's proprietary investments on behalf of himself and employees.

Key Executives and Structure

Moore Capital Management, LP is structured as a , with Moore Capital Advisors, L.L.C. serving as its . The firm maintains its headquarters in at 11 , with additional offices in and . Among key personnel, Mildred Elaine Crocker holds the positions of President and Director, having joined the firm in 1995 and overseeing operational aspects since her elevation. In 2025, the firm bolstered its trading teams with hires including Barry Piafsky, previously a at Eisler Capital, and Neil Smith, a trader from , to enhance capabilities. The team comprises approximately 350 employees across research, trading, risk management, and support functions, with a strong emphasis on experienced macro specialists who drive the firm's discretionary processes. Following the 2019 decision by founder to return external capital and consolidate funds, Moore Capital evolved into a more streamlined operation resembling a , primarily managing Bacon's personal fortune alongside limited internal and select external mandates while maintaining its infrastructure.

Philanthropy and Social Impact

The Moore Charitable Foundation

The Moore Charitable Foundation was established in 1992 by , of Moore Capital Management, as a private family foundation dedicated to supporting nonprofits and community programs aimed at protecting threatened natural resources. serves as and chairman of the foundation, which focuses on protecting natural resources through strategic grants to environmental organizations working on land preservation, wildlife protection, and sustainable practices. The provides millions of dollars annually in ; for example, it awarded approximately $22 million in in 2023, contributing to the funding of over 100 initiatives since its inception. In 2016, the foundation suffered a significant setback when it lost $25 million in a fraudulent investment scheme orchestrated by Caspersen, a former managing director at , who was later sentenced to four years in federal prison for wire fraud and .

Conservation and Environmental Initiatives

The Moore Charitable Foundation, established in 1992 by , a lifelong conservationist whose passion for stems from his personal commitment to preserving natural resources, has channeled his wealth from Moore Capital Management into targeted philanthropy separate from the firm's operations. A cornerstone of the foundation's efforts involves major grants to , including support for land acquisitions and restoration in , such as contributions to the Water Fund, which has restored 30,000 acres of northern forests to mitigate wildfires and secure water supplies. These initiatives extend to ranchland preservation in , exemplified by Bacon's donation of a 167,000-acre on Trinchera Blanca Ranch in Colorado's to the U.S. Fish and Wildlife Service, creating one of the largest single such protections to safeguard grasslands, wetlands, and wildlife habitats. In ocean conservation, the foundation funds global biodiversity efforts through its Healthy Oceans program, partnering on scientific and policy reforms to establish marine protected areas, combat , and protect key species like coral reefs, conch fisheries, , sharks, and humpback whales, including surveys of 3,194 whales in Panama's Gulf of Chiriquí since 2002. It also supports programs, such as protection for and storm barriers, restoration via prescribed burns in the Cape Fear River basin, and watershed management to address . Since 1992, these initiatives have protected more than 214,000 acres of land in perpetuity across the , while fostering partnerships with international NGOs like Oceans 5—which has distributed $80 million in grants for over 70 projects in 50 countries—and organizations such as and Oceana to advance marine reserves and pollution monitoring. The foundation's work emphasizes collaboration with local communities to ensure sustainable outcomes for and human well-being. In 2025, and Trinchera Ranch were honored with the Western Division American Fisheries Society Conservation Achievement Award for their contributions to conservation.

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