Previously Moore capital Trader close Fund

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(A) forms trader at the New York-based hedge fund Moore Capital Management has decided to close his hedge fund.

After eight years, Tim Leslie's firm James Caird Asset Management, will liquidate the $ 1.6 billion fund that suffered from massive losses this year, Bloomberg reported.

The credit fund lost an astonishing 8.9% in the first 11 months of 2011, while most hedge funds lost an average of 3.8%.

Leslie plans to start a smaller hedge fund next year and is looking to raise $ 500 million for the new fund and cap assets at about that level, according to Bloomberg.

Leslie joins an increasing number of hedge fund managers who have shut down their funds due to Europe's debt crisis.

Go to Bloomberg article