Moore Capital Management, the hedge fund firm run by billionaire Louis Bacon, has cut charges for investors in its biggest fund.

The New York-based firm, one of the industry's best-known with $14 billion in assets, said in a letter to investors reviewed by The Wall Street Journal that it would cut the management fee on its $7.5 billion Macro Managers fund to 2.5% from 3%. The move is "a reflection of our sensitivity to changes in the industry as a whole," the firm said in the letter.