This content is from: Portfolio
The Morning Brief: Moore Capital's Coffey Calls it Quits; Schroders' German Play
The inevitable finally occurred. Greg Coffey, the emerging markets “expert” at Moore Capital is calling it quits. The 41 year-old, who has retired, has liquidated his main fund, GC Moore Emerging Macro, and returned $100 million to investors. The other two funds he ran will be taken over by other Moore employees. The fund is said to be losing money this year. The Australian is the former GLG Partners star who reportedly left hundreds of millions of dollars on the table when he left a few years ago to launch his own firm. Instead, he landed at Louis Bacon’s Moore Capital.
Steve Cohen’s SAC Capital disclosed it owns 5.1 percent of Plains Exploration & Production. Shares of the independent oil and gas company surged about 2.35 percent on Wednesday even though the filing was made public after the stock market closed at 4:00.
The SEC has accused Mark Angelo, his hedge fund, Yorkville Advisors, and his chief financial officer of lying to their investors about performance and asset values in a scheme to earn higher fees. The firm pushed back hard with a detailed statement, asserting: “Yorkville Advisors is deeply disappointed that the S.E.C. has elected to file this litigation. Yorkville vigorously disputes all of the allegations contained in the S.E.C.’s complaint as they lack merit and are entirely without support.”
The $15 billion fixed income team at Schroders is shorting a number of German bonds, believing that investors are treating German fixed income markets too much as a safe haven. They reportedly expect yields will rise no matter how the financial crisis plays out in Europe.
The founder of a $2 billion hedge fund wants to invest in defaulted Cuban sovereign debt. Nathan Sandler, co-founder and Managing Partner of ICE Canyon LLC, is petitioning the Office of Foreign Asset Controls, which enforces the U.S. embargo against Cuba, for an exemption. Sandler initially talked up Cuban bonds at Institutional Investor’s (and CNBC’s) Delivering Alpha conference in July.
Assets under management among UCITS hedge funds have surged 18.5 percent since the beginning of the year to 134.15 billion euros, or roughly $174 billion.