Dr. Barry Schachter, a hedge fund quant legend who has managed risk at SAC Capital, Balyasny, Caxton, and most recently Moore Capital, is retiring.When asked what he’ll be doing next, he told us,
“This is a case of sell the rumour. I am not sure what I will be doing next. Just thinking at this point.”
“Sell the rumour.” Cyptic.
It will be hard for Moore Capital to replace him. Just to give you an idea about Schachter’s reputation, here’s a tweet we got shortly after breaking the news:
@wallstwes: Barry is not just the top 5 EVER in his profession, but also one of most poised men I have ever worked with.
An investor can’t imagine the fund without him. Asked about Schachter’s retiring from Moore, he said:
I’ll believe it when I see it.
Here’s his bio, from Stern:
Barry Schachter is Director of Quantitative Resources at Moore Capital, where he is responsible for the Risk Management, Financial Engineering, and Trade Analysis groups. Prior to joining Moore, he was involved in risk management at several firms: He was a Principal at Rutter Associates LLC, a risk management consultancy, he headed the risk functions at three hedge funds, Balyasny Asset Management, SAC Capital and Caxton Associates, and he worked in the Market Risk Group at Chase Manhattan Bank.
Before moving to New York, Mr. Schachter was an economist and acting research director for the U.S. Commodity Futures Trading Commission, then a financial economist in the Risk Analysis Division of the U.S. Comptroller of the Currency.
Congratulations to Barry!
He might be leaving at a rough time for Moore. Financial News reported last month that the fund’s had filed a drop in the amount of funds available for bonuses by £100 million.
The partnership generated £40 million in profits available to its members during the year  to December 31. That was down from £142 million the year before.
A source close to the firm says it’s up 1.5% YTD.
The firm’s press rep confirmed Schachter’s retirement but declined to comment further.
“Yes, he retired,” he told us.
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