US hedge fund Moore Capital Management has fired a portfolio manager a day after a media report of a raucous party involving ‘costumed midgets’ and Champagne that he threw at a rented $20m mansion in the Hamptons, New York’s summer playground for the rich and famous.

Deutsche Bank erroneously paid $6bn (€5.2bn) to a US hedge fund client after a junior trader processed the wrong figure, the Financial Times reported.