February 4, 2020 / 5:25 PM / 12 days ago

Exclusive: Ex-Moore Capital's Viraj Mehti to launch $500 million hedge fund

LONDON (Reuters) - A London-based portfolio manager from Louis Bacon’s former behemoth firm Moore Capital Management is preparing to launch his own hedge fund with more than $500 million in assets under management, three sources close to the matter told Reuters.

Viraj Mehta’s new equities fund follows a year of just 763 new launches globally, the lowest number since 2016, according to data from Eurekahedge.

Hedge fund manager Bacon last November announced he was shutting his firm Moore Capital to outside investors but would continue to invest his personal fortune.

Moore Capital made double-digit returns over 30 years betting on currencies, interest rates and also securities, but also had a team of equity traders, of which Mehta, 37, was one.

Mehta registered his new global long-short equities hedge fund firm Arctis Management, which will bet on shares, to an address in Mayfair with Britain’s Companies House last October.

Timothy Davenport, former chief financial officer at computer-driven hedge fund firm Winton Group, will join the firm as chief operating officer, said two of the sources.

Davenport also previously worked at Marshall Wace, according to filings with UK regulator, the FCA.

Long-short equities hedge funds, such as Arctis, made 11.2 percent in 2019, making them the highest-performing strategy in 2019, data from Eurekahedge showed.

Reporting by Maiya Keidan; editing by David Evans

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