Monday, 27 April 2015
Last updated 17 min ago
Sep 22 2010 | 12:19pm ET
The year 2010 has been something of a rude awakening for Citigroup’s former star energy trading, and an even ruder one for the investors who have poured more than $1 billion into his new hedge fund.
Phibro head Andrew Hall’s Astenback Capital Management continued its losing ways in August, falling a further 2.74%. And while this year has been a tough one for commodity hedge funds everywhere, it’s been particularly hard on Astenback, which is down 11.94% through the year’s first eight months.
By contrast, the average commodity hedge fund is down about 2% on the year.
The Westport, Conn.-based firm may be turning things around this month. One investor told MarketWatch that the same cyclical investments that served the firm so well during the first four months of the year have begun performing well again this month.
Astenback was set up last year by Hall and Phibro’s new owners, Occidental Petroleum—Phibro continues to manage money exclusively for Occidental, as it once did for Citi. The firm has raised more than $2 billion for its flagship Offshore Commodities II Fund, an onshore version of that fund, and two oil hedge funds. The battered flagship is currently closed to new investors.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…