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Louis Bacon

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Louis Moore Bacon
Born1956
Raleigh, North Carolina
Alma materMiddlebury College
Columbia Business School
OccupationHedge funds
Years activeSince 1989
EmployerMoore Capital Management

Louis Moore Bacon (born 1956) is an American hedge fund manager and trader who founded and manages Moore Capital Management, a New York City-based hedge fund with offices in London and Washington, D.C..[1] Bacon has been at the top 20 ranking of Top 100 money earners since the 1990s.[2] He is estimated current by Forbes Magazine to have a net worth of $1.5 billion as of March 10, 2010. He is ranked by Forbes as the 655th richest person in the world.[3] Bacon is known for his use of a global macro strategy to invest in the markets.

Bacon founded Moore Capital Management LLC, named after his mother's maiden name and his own middle name, in 1989. It's two flagship private investment funds have been in existence for almost twenty-one years (See Mr. Bacon's Letter To Clients entitled "Twenty Moore Years"). In March, 2010, a trader in Moore Capital's London office was among those arrested in what authorities described as a massive insider trading scheme.[4] In November 2008, a prominent Australian trader Greg Coffey joined Moore Europe Capital Management, the London-based European subsidiary of Moore Capital Management LLC, rather than launch his own hedge fund. As of 9/30/2010, the firm had $4,118 million in US Equity assets under management.[5]

Background

Louis Bacon was born in Raleigh, North Carolina and graduated from Episcopal High School in Alexandria, Virginia. He later attended Middlebury College where he studied literature[3] and graduated Cum laude. He subsequently received his MBA degree from Columbia Business School.[6]

Career

Bacon started as a trader and broker of financial futures for Shearson Lehman Brothers [7] in New York. In 1989, he founded Moore Capital Management, a leading hedge fund with $15 billion in assets under management. Moore Capital is headquartered in New York City but has other offices in London and Washington D.C.

Bacon is a discretionary trader [8].

In May 2010, Moore Capital Management had its worse month ever with losses of 9.2% London Evening Standard.[9]

Personal life

Bacon was once married to Cynthia Pigott,[6] a former staffer at Newsweek magazine, but they later divorced. His second wife is Gabrielle Sacconaghi. Bacon's stepmother is Blanche Robertson Bacon, sister of Julian Robertson, founder of Tiger Management and one of the pioneers of the hedge fund industry.

Bacon owns many homes around the world. They include residences in The Boltons, Colorado and the Bahamas, a luxurious townhouse in Upper East Side, a Long Island estate (which includes a hunting lodge on nearby Robins Island, all of which is owned by Bacon), a grouse moorland in Scotland and three private polo grounds.[10]

Bacon is an avid supporter of non-profit environmental protection organizations, including The Riverkeeper (which protects the ecological integrity of the Hudson River) and Group for the East End (which protects and restores the environment of eastern Long Island).

In November 2007, Bacon purchased the largest privately owned ranch in Colorado, the Trinchera Ranch in Costilla County from the Forbes family. The 171,400-acre (694 km2) property sold for $175 million, and is believed to be the highest ever for a piece of U.S. real estate, surpassing the previous record of $165 million paid for a Beverly Hills mansion once owned by William Randolph Hearst.[11]

In May 2010, He purchased the Orton Plantation. The plantation had been owned by James Laurence Sprunt and his descendants for the last 126 years. Louis Moore Bacon is a descendant of the original owner, Roger Moore.[12]

Later, in May 2010, Bacon's House Manager, Dan Tuckfield, was found dead in the hot tub of Bacons Bahamas Lyford Cay estate.[13][14][15] This matter was forwarded to the attorney general’s office for review.[16]

In July 2010, Bacon's Lyford Cay property was searched and speakers were removed.[17] It was later reported by the Tribune that these speakers were returned, although the fact of their return and the nature of the speakers intended use is disputed by the Bahamas Press.[18]

In January 2011, although Louis Bacon has put his Lyford Cay, Point House Estate, on the market for 36 Million Dollars, the property and Mr Bacon remain the subject of another legal inquest, for a 2006 construction of a boat basin. The footprint of the project extended on the sea-bed which is government land and the approval for the construction was given ‘after the fact’, potentially resulting in criminal charges being filed against Louis Bacon, or the Point House Corporation.[19][citation needed] Hard Copy Bahamas Journal

References

  1. ^ See company's own website and entry at LinkedIn http://www.linkedin.com/companies/moore-capital-management
  2. ^ Peltz, Lois (2001). The New Investment Superstars. pages Intro, 5-6, 8, 9, 146: Wiley. ISBN 0-471-40313-X.{{cite book}}: CS1 maint: location (link)
  3. ^ a b "Louis Moore Bacon". Forbes 400. Forbes magazine. March 2006. Retrieved 2006-08-10.
  4. ^ Moyer, Liz (2010-03-23). "Insider Case Snares Moore Capital". Forbes.
  5. ^ http://www.hedgetracker.com/fund/Moore-Capital-Management
  6. ^ a b "Cynthia Pigott married to Louis Bacon". The New York Times. 1986-02-16. Retrieved 2006-08-10.
  7. ^ CYNTHIA PIGOTT MARRIED TO LOUIS BACON
  8. ^ Louis Bacon Hedge Fund Manager Moore Capital
  9. ^ City Spy: Guardian directors get 30% salary hike at London Evening Standard
  10. ^ "So rich you just want to slap them". Femail. London: Daily Mail. November 17, 2006. Retrieved 2006-11-26.
  11. ^ Conservationist buys state's biggest ranch
  12. ^ WHQR: Orton Plantation Sold to Bilionaire
  13. ^ Man's Body Found Naked In Louis Moore Bacon's Hot Tub Business Insider
  14. ^ Lyford Cay Death Inquest Likely The Nassau Guardian
  15. ^ http://bahamaspress.com/2010/07/22/justice-neville-adderleys-home-ramsacked-in-lyford-cay-and-robbed/
  16. ^ [1] Inquest Into Lyford Cay Death Likely
  17. ^ Who is Protecting Who Bahamas Press
  18. ^ [2] Illegal sound devices at Lyford Cay residence?
  19. ^ Gotbacon

Further reading

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