Tidan Capital adds Luca Moro as senior portfolio strategist

Tidan Capital appointed Luca Moro as senior portfolio strategist, adding a credit and equity investor to the team behind its capital structure relative value strategy and sister equity market-neutral strategy Themis.

Moro joins from FIEE SGR in Rome, where he was chief investment officer of the SpesX Energy Transition UCITS Fund, HedgeNordic reported on Oct. 21. He previously worked at Ironshield Capital Management and Numen Capital and co-founded Eyck Capital Management. He began his career in leveraged finance at J.P. Morgan before joining Halcyon Asset Management as a senior research analyst.

For allocators considering Tidan, the hire deepens the research bench behind two strategies that draw on one investment team. Tidan's premise is that a company's debt and equity should be valued together. The diligence question that follows is how the firm divides research time and risk budget between its credit relative value book and market-neutral equity book, and whether Themis can be allocated standalone. HedgeNordic's report gives no size, fee or liquidity terms for either strategy.

“Luca brings a rare combination of equity and credit expertise to the Tidan/Themis team,” said Michael Falken, Tidan's chief investment officer. He said Moro's experience across the capital structure adds a dimension to the firm's fundamental process “at a point in the cycle where balance sheet strength and refinancing risk matter more than ever.”

Tidan's founder-portfolio managers Michael Falken and William Wilson lead the investment team; both strategies draw on it. A hire that adds credit research capacity widens what the team can underwrite, but it does not change who signs off on risk in a two-founder firm. The next milestone is whether Tidan publishes vehicle terms, capacity limits or a standalone Themis offering.