Moore Capital plans to return $2bn to investors (Fund News)
Louis Bacon, head of $15bn Moore Capital, told investors in a letter on Wednesday that uncertain and illiquid markets meant his flagship hedge fund had become too large to be able to match past returns. To make the fund more nimble he plans to return some $2bn to investors.
Lazard Shutters Korea Fund as CICC Closes Asia Strategy (Fund News)
Asian Investor reports that Lazard has closed its South Korea-focused activist hedge fund, while China International Capital Corporation (CICC) has done the same with its Asian long/short equity strategy, as the sector continues to be roiled by volatile markets and investor redemptions.
Former Morgan Stanley global market strategist and hedge fund manager Barton Biggs died on Saturday at the age of 79, according to an internal memo from the firm. The memo, sent by Chairman and Chief Executive James Gorman to all staff, didn't specify the circumstances of his death.
Harbinger Capital gets loan from Dellís MSD (Fund News)
Harbinger Capital Partners Master Fund I Ltd. entered into a note purchase agreement on June 14 with a credit fund run by MSDC Management LP, according to a June 18 regulatory filing. MSDC Management is an investment adviser backed by MSD Capital LP, the private investment firm for Dell and his family.