Phibro Hedge Fund To Reopen To New Investors

Oct 27 2010 | 1:24pm ET

It's been a rough first year for former star Citigroup energy trader Andrew Hall's new hedge fund. But on the heels of its biggest month of the year, the firm, which has already raised more than $2 billion, is preparing to raise some more.

Astenbeck Capital Management, set up by Hall and Occidental Petroleum—which bought Hall's Phibro trading desk from Citi last year—plans to reopen its flagship Astenbeck Offshore Commodities Fund II in January, MarketWatch reports. The fund is currently closed to new investors.

Astenbeck was down by almost 12% through the first three quarters of the year, which has proven a difficult one for commodity hedge funds. But the fund stormed back in September, returning about 9% and cutting its year-to-date loss to just 4%.

Citi put Westport, Conn.-based Phibro on the block last year due to Hall's guaranteed $100 million bonus, which Citi feared would raise the ire of federal regulators. Occidental paid $250 million for the unit; Phibro manages money exclusively for the oil company, while Astenbeck manages outside capital.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

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.