Wednesday, 29 June 2016
Last updated 33 min ago
Jul 2 2010 | 1:46pm ET
Tough times for European energy markets are turning into a bloodbath for European energy hedge funds.
At least six have called it quits this year, leaving only about 30 or so hedge funds actively trading in the European energy markets, Bloomberg News reports. Four of the collapses and closures have occurred in the last two months alone.
All told, the half-dozen closed funds managed more than US$158 million.
Among the casualties are London-based Rampart Capital, which said it failed to reach “critical mass” in the nine months since it launched, Amsterdam-based Energy Capital Management’s MMT Energy Fund, which has posted poor performance for more than a year, and Orkla Finans’s Energy Fund.
“I certainly can’t think of a period when so many funds in the sector called it a day,” Fraser McKenzie of fund of energy hedge funds 47 Degrees North Capital Management told Bloomberg.