Phibro Chief Founds Hedge Fund

Feb 16 2010 | 3:53am ET

Former Citigroup star energy trader Andrew Hall and his new partners are going into the hedge fund business.

Hall and Occidental Petroleum, which bought the lucrative Phibro oil-and-gas trading unit last year, have set up Astenbeck Capital Management. The new firm will manage outside money—it already boasts $1.4 billion in assets under management—while Phibro will manage Occidental’s money exclusively, the Financial Times reports.

Phibro, based in Westport, Conn., has had outside investors since 2007, and launched a fundraising effort last year as Citi was selling the group to Occidental for $250 million. Astenbeck has replaced Phibro as the manager of that money.

Hall owns 80% of the new firm, and Occidental owns the rest. According to the FT, interested investors should be ready to pony up a fair amount if they want Hall to manage their money: Astenbeck features a $25 million minimum investment requirement.

Schloss DerneburgSchloss DerneburgAmong the assets Astenbeck is managing are pooled commodities funds with more than $700 million, set up two years ago.

Astenbeck is named for a village near Hall’s sprawling castle, Schloss Derneburg, outside of Hannover, Germany. The firm’s commodity fund dropped about 6% last month, although the firm has never posted an annual loss and earned some $2 billion for Citi over the past five years.

Citi sold Phibro to Occidental in October. The Wall Street giant, which took billions in government bailout money, had been under pressure to offload the unit because Hall was due a $100 million bonus under his contract.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.