Moore Capital Management LLC’s Greg Coffey is calling it quits amid markets that have proved difficult for even the most nimble hedge-fund investors.
The industry has matured and the easy money is largely gone. It's now more a game of the management fees - the '2' in the '2 and 20' standard deal of 2% of assets and 20% of gains.
Coffey, who has lost money for clients in the past two years, follows other high-profile hedge-fund managers to step away from trading as Europe’s sovereign-debt crisis and concerns over global economic growth roils markets. Chris Rokos, 42, a co-founder of Brevan Howard Asset Management LLP, retired to “pursue his personal interests,” the London-based firm said in August. Billionaire energy trader John Arnold, 38, former Morgan Stanley co-president Zoe Cruz, 57, and oil trader Pierre Andurand, 35, shuttered their hedge funds this year.