Moore Capital, the $9.4 billion New York-based hedge fund run by Louis Bacon, has hired Richard Furst, head of distressed credit sales, trading and research at Banc of America Securities, to start up a distressed bond trading book. Furst, who started at Moore early last week, says he is responsible for trading distressed bonds across all sectors at the fund manager. He reports to firm President Elaine Crocker, who was traveling and did not return calls. Furst declined comment as to whether he was the first of several hires in this area, and whether Moore would be making a push in this area.
At B of A, where Furst worked for three years after Montgomery Securities was purchased by NationsBank, the research component of his duties will be taken over by Warren Holland, a veteran of both the distressed and high-yield markets. Holland, who notes that Furst will "surely be missed," adds that the firm remains deeply committed to the distressed sector and is seeking to add "one or two" senior distressed analysts to the six-pro team over the near term. He adds Furst's trading and sales supervisory duties are currently being handled by department head Tom White, who oversees all junk and distressed trading. White was unavailable for comment.