Louis Bacon Steps Back to End Decades Running Client Money
- Firm will keep managing partners’ capital in macro portfolio
- Moore will continue to run outside capital in smaller funds
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Billionaire Louis Bacon is effectively quitting the hedge-fund business after several years of poor performance, bringing an end to his three-decade run near the pinnacle of global finance.
Bacon, 63, will return outside investors’ money in its three main Moore Capital Management funds and step back from trading, he said Thursday in a letter to clients. The move caps a storied career that has traced the arc of modern finance, from the swashbuckling money managers who made fortunes in the 1980s and ‘90s to today’s era of computer-dominated trading.