Moore Capital Management invested $800 million in a hedge fund begun last year by two of its former traders, according to two people with knowledge of the matter.
The investment allowed Stone Milliner Asset Management founders.Jens-Peter Stein and Kornelius Klobucar to start trading last month with more than $1 billion, said the people, who asked not to be named because the firms are private. Moore Capital’s assets are in a managed account, the people said.
“That’s a big number,” said Michael Rosen, chief investment officer of Angeles Investment Advisors, a firm that helps clients invest in hedge funds. “You don’t normally see investments of that size in a startup. Having worked with the managers already, that might give the investor extra comfort.”
Moore Capital, which manages $15 billion, has a history of investing in traders who leave the hedge fund to start their own firms. Those who received allocations in recent years include Bramshott Capital’s Paul Findley and James Caird Asset Management’s Tim Leslie.
Stone Milliner is a macro hedge fund, meaning the firm invests in interest rates, currencies, bonds and stocks based on its traders’ views of global economic trends. Messrs. Stein and Klobucar founded the firm, which has offices in Zug, Switzerland, and London, last year. Executives at Stone Milliner and Moore Capital declined to comment.
All of Stone Milliner’s seven investment professionals worked at Moore Capital, including Christopher Nicoll, Jana Benesova, Ted Wright, Dheer Mehta and Timothee Bich.