Moore Capital recruits Brevan Howard founder for a senior global macro role
6 January 2010 1:28am
MOORE Capital Management, the $14bn (£8.7bn) New York hedge fund run by Louis Moore Bacon, has hired former Brevan Howard man Jean-Philippe Blochet.
Blochet will start in the middle of January and will take charge of a global macro strategy, trading stocks, bonds and commodities based on broad economic trends. Global macro strategies roam between asset classes and look for returns wherever they can find an edge.
A founding partner of Brevan Howard, Blochet is seen as accomplished and will bring years of currency and interest rate expertise to the firm. He is the latest high-profile hire after Moore Capital poached Greg Coffey as co-chief investment officer in Europe from GLG Partners in 2008.
Moore Capital is a discreet house that prides itself on consistency. The flagship fund managed by Bacon has returned around 21 per cent a year since its launch in 1990. Bacon has built a house style based on a belief in low stockmarket correlation, reflected in the returns for the torrid year of 2008 when his portfolio ended 4.3 per cent down and Moore’s Global Fixed Income fund finished 1.3 per cent up, against huge losses in markets.
A source close to?Moore Capital said Blochet would not be relocating to New York, but would continue to work out of London. It is not known whether the firm is planning to launch a new fund for him.
NEW RECRUIT TO MOORE CAPITAL
Jean-Philippe Blochet cut his teeth on Credit Suisse First Boston’s proprietary fixed income trading desk in the 1990s. It was there he met Alan Howard, one of four partners he would join forces with to start Brevan Howard Asset Management in 2002.
Blochet may have left the London money manager in 2008 after taking a sabbatical, but his initial remains in its brand: “Brevan Howard” combines the surnames of founders Blochet, Christopher Rokos, James Vernon, Trifon Natsis and Howard.
The macro specialist is known to his friends as someone who enjoys adventure as much as the typical hedge fund manager’s high life. In 2006, Blochet completed the gruelling Marathon des Sables – a six-day, 151-mile foot race across the Sahara desert. Carrying packs for food and sleeping gear on his back, Blochet finished the charity race 157th out of 800 contestants, according to the marathon’s website.
By joining Moore Capital, Blochet is entering the hedge fund premier league. The firm has proven to be an incubator of talent and several former members have gone on to start their own funds, notably Bret Barakett with Tremblant Capital, Stanley Shopkorn with Hilltop Park and Christopher Pia with?Pia Capital.
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