Pacific Investment Management Co. hired Geraldine Sundstrom, formerly of Brevan Howard Capital Management LP, as the world’s biggest bond manager bolsters its ranks after a leadership shakeup earlier this year.
Chris Levett, who shut his commodity hedge-fund firm in 2013 after it posted almost three straight years of losses, plans to return to the industry with billionaire Louis Bacon’s Moore Capital Management LLC.
U.S. stocks fell, pushing the Nasdaq 100 Index to its biggest three-day retreat since 2011 and erasing the year’s gains in the Standard & Poor’s 500 Index, as technology shares extended last week’s selloff.
Paul Tudor Jones, Michael Novogratz and Louis Bacon, hedge-fund managers that profited last year from bets on macroeconomic trends, posted losses in the first quarter as some of those trades turned against them.
Louis Bacon’s decision to return $2 billion to investors highlights the difficulties the biggest macro hedge funds are having this year as government intervention and declining trading volumes limit managers’ ability to make large bets.