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UPDATE 1-Louis Bacon's Moore Capital to return outside money -letter

Lawrence Delevingne

(New throughout, adds Reuters saw letter; background about Bacon, spokesman for Moore declining comment)

Nov 21 (Reuters) - Louis Bacon, the billionaire hedge fund manager known for his prescient macroeconomic bets, plans to return money from outside investors in his nearly 30-year-old firm, Moore Capital Management, LP, according to a letter sent to investors on Thursday and seen by Reuters.

A spokesman for Moore verified that the letter was authentic but declined to comment further.

The Financial Times had previously reported the development, citing unnamed sources familiar with the matter.

Moore managed $8.9 billion as of Dec. 31, according to a regulatory filing. (Reporting by Lawrence Delevingne in New York and Muvija M in Bengaluru; Editing by Rashmi Aich and David Gregorio)