Moore Capital Management has closed the poorly performing Canadian hedge fund division overseen by former Amaranth Advisors trader Manos Vourkoutiotis. The unit reportedly lost 15% in November on unsuccessful stock and convertible bond bets.
New York-based Moore, which manages more than $13 billion, opened the Toronto-based division in October 2006 to invest in various Canadian securities, including equities, convertible bonds and distressed debt. Following the divisions close, Moore will continue to take positions in the Canadian markets on an opportunistic basis.
Prior to its recent losses, the unit reportedly managed $1 billion in assets for Moore. Vourkoutiotis joined the