United States

Louis Bacon steps away from hedge fund after Peter Nygard dispute

Louis Bacon, who’s almost as famous for feuding with Canadian fashion tycoon Peter Nygard as he is for running one of the world’s most successful hedge funds, is throwing in the towel as an investor of outside capital. Bacon’s $8.9 billion hedge fund, Moore Capital Management, will continue to manage money for its founder and his staffers, according to a Thursday letter to MCM investors. The letter highlighted MCM’s net annualized return of 17.6 percent over the firm’s 30 years, calling it a record “we remain proud of having delivered,” and a cumulative return of more than 21,000 percent. But it also acknowledged “disappointing results” in recent years as Bacon and Nygard, neighbors in the Bahamas, have endlessly ba ...