James Caird Asset Management, a firm that is run by Tim Leslie, a former trader at Louis Bacon’s Moore Capital Management, announced this week that he would be liquidating his $1.6 billion hedge fund, JCAM Global Fund, after eight years reports Bloomberg. He plans to start giving investors their money back starting in January.
The fund lost 8.9 percent from January 1 through the end of November, compared to an average hedge fund loss of -3.8 percent for the same period. Bloomberg reports, “Leslie attributed the losses to poor liquidity and the unfolding crisis in financial markets. He said the lack of market liquidity is ‘structural’ and not something that will go away any time soon. As a result, he plans to start a smaller hedge fund with a narrower trading focus.” The new fund will launch in 2012 and be managed by Robert Miller. Miller has worked with Leslie since 2003. Leslie is looking to raise $500 million for the new fund and intends to cap levels at about that level.
Leslie launched the JCAM Global Fund in 2003, while he was still employed at Moore Capital. Leslie didn’t leave Moore Capital until 2008, when he devoted his time entirely to running his fund. According to Bloomberg, Moore is an investor in Leslie’s JCAN fund.