Hedge Funds

Louis Bacon Recruits Brother To Have Tough Conversations With Employees Re: The Fact That They No Longer Work At The Firm

One thing you may or may not know about hedge fund manager Louis Bacon is that he likes to keep his human interactions to a minimum. It’s not a personal thing, just people in general thing. He doesn’t like ’em and he doesn’t want to talk to or look at ’em. For example, rather than taking five minutes to tell a subordinate he disagrees with a trade idea, Bacon has been known instead to “retreat to his office and place an opposing trade, a tactic known as ‘fading’ a colleague.” Clients are treated similarly (“During meetings with…investors, Bacon, who often draws the blinds in his private office, frequently turns to his lieutenants to answer questions, often sitting silently through presentations”) and if you thought that being, say, the fruit of his loins meant special treatment, you were sorely mistaken (“One longtime assistant negotiates annual spending allowances with the elder of his children individually…Once they’ve agreed on the number, the assistant invites the child for a sit-down meeting with his or her father, during which Bacon usually signs off on the terms”). So it probably did not come as much of a surprise when LB hired his brother, the improbably named Zack Hampton Bacon III, to speak with a dozen or so members of the staff re: security waiting to escort them out of the building.

Moore Capital Management LLC, the $15 billion hedge fund run by Louis Moore Bacon, cut 10 to 15 investment jobs as it restructures one of its equity teams, according to three people with knowledge of the matter. The portfolio managers and research analysts were let go on Sept. 11, said one of the people, who asked not to be identified because the information is private. Patrick Clifford, a spokesman for New York-based Moore, declined to comment.

“Apart from a few hedge funds, it’s not that typical to see a large reduction in headcount in the industry,” said Ronen Schwartzman, founder of Ten Capital Advisors LLC, a New York- based firm that advises clients on investing in hedge funds. “Performance must be having an impact.” Bacon, 56, hired his older brother, Zack Hampton Bacon III, in February to oversee strategic planning, a person briefed on the matter said that month. Bacon told clients last month that he planned to return $2 billion, or about 25 percent of his main fund, to investors, saying it may be too big for him to generate returns in line with historic profits as “liquidity and opportunities have become more constrained.”

If you’re a people person, this might seem cold, though on the bright side, no one was “sprayed in the face” with lead pellets, so not all bad.

Moore Said to Reduce Positions Amid Equity Restructuring [Bloomberg]
Related: Louis Bacon Has Better Things To Do Than Explain How Big An Idiot You Are

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118 Responses to “Louis Bacon Recruits Brother To Have Tough Conversations With Employees Re: The Fact That They No Longer Work At The Firm”

  1. Hughes Foundation says:

    We may have some old kit lying around that Mr. Bacon would be interested in.

  2. inlovewithpmco says:

    Letting someone go on Sept 11, very harsh

  3. Everyone says:

    Zack Hampton Bacon III? Sounds like a well grounded person to me…..

  4. Guest says:

    Bacon's performance wasn't sizzling so he decided to trim some fat.

  5. guest says:

    His brother Kevin, on the other hand, has made connections with pretty much everyone.

  6. GuestseuG says:

    Louis Bacon also bathes in the blood of lost children and the tears of puppies.

    -Arthur Sagaponack Bacon IV

  7. M Moore says:

    Mmmm…. Bacon…

    – 2nd cousin, once removed

  8. Sean says:

    Up In The Heir- The story of Zack Hampton Bacon III and corporate restructuring.

  9. Guest says:

    Every Moses has to have an Aaron…

  10. S. Cohen says:

    I like to do my firing in the back of an SUV

  11. Guest says:

    Not the 10th or 12th but September 11. That's how you say F*ck you at MCM.

  12. Guest says:

    That’s one thing you have to remember about Wasps, they love animals, but can’t stand people.


  13. IMDB says:

    I gotta say he looks like a young Mitch Ryan in that picture

  14. Edmond_Dantes says:

    From the author: "…I was concerned no one would believe a story about a guy named Zach Hampton Bacon III, so then I added a quote from Ronen Schwartzman to increase the authenticity…"

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