James Caird Asset Management, the $1.9 billion London and
New York-based hedge fund led by former Moore credit managers
Tim Leslie and Robert Miller that span out from Moore in 2008,
is liquidating its flagship JCAM Global Fund and returning
capital to investors in a reorganisation aimed at adapting to
long-term structural changes in the global credit markets.
The firm plans to launch a new fund run by Miller that will
focus solely on liquid global credit trading – which
will have a smaller capacity of some $700-750 million than the
multi-strategy credit and equity JCAM Global fund, which was
running over $3 billion at its peak and currently has around
$1.6 billion of assets under management.
At the same time JCAM will also continue to look to exploit
less liquid opportunities in the credit, high yield and equity
space through private equity-style closed-end funds and other